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Where To Find Home Loans After Foreclosure If you have a foreclosure on your record, it can be harder to get qualified for a new home loan than if you didn't have the foreclosure Print E-mail
Where To Find Home Loans After Foreclosure If you have a foreclosure on your record, it can be harder to get qualified for a new home loan than if you didn't have the foreclosure. However,it is not impossible to find home loans after foreclosure, especially if you know where to look for them. Government agencies, like the FHA, can help people who have undergone foreclosure to qualify for home loans after foreclosure within as little as two years afterwards. Other private lenders, also called hard money lenders will be willing to give out loans in as little as six months after a foreclosure, if they think you are a reasonable risk. You might even qualify for conventional home loans after foreclosure, if you are willing to wait at least four years before applying for one. The FHA Program The Federal Housing Administration doesn't actually provide loans for people looking for home loans after foreclosure. What they do is underwrite the risk for other lenders so that you can still qualify even with poor credit or a smaller down payment. There are some FHA loans that require only a 3% down payment. You can find out more about this program by
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