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Finally realizing that fresh financial start

Many Fort Lauderdale, Florida, residents have personally experienced serious financial difficulties in recent years. In fact, countless people are just beginning to rebuild their credit ratings after seeking debt relief through foreclosure and/or Chapter 7 bankruptcy. This is a good time, then, to explore options and time frames for applying for home loans following bankruptcy.

Before individuals can consider making large purchases and investments after filing for bankruptcy, they must first rebuild their credit history. Once they have established a solid credit rating, prospective homeowners can begin to consider the mortgage loan option that is right for them. After all, there are several lending institutions to choose from, including the U. S. Department of Veterans Affairs (VA), Freddie Mac/Fannie Mae, and the Federal Housing Administration (FHA). Depending on whether an individual has filed for bankruptcy or foreclosure, these institutions have different requirements regarding home loan application wait periods.

Individuals that have filed for Chapter 7 bankruptcy, for instance, must wait four years before applying for a traditional mortgage loan. However, the FHA only requires those individuals to wait two years. The same goes for individuals that hope to borrow from the VA. Furthermore, the FHA now offers more incentives to previous homeowners that have participated in short sales, bankruptcies or foreclosures if they meet certain financial guidelines. Similarly, Fannie Mae is cutting their mortgage-loan wait times for post-bankruptcy borrowers if they are able to make a 20-percent down payment.

Understanding that there are financial opportunities to be had after bankruptcy can help individuals come to terms with their financial situation and seek help.

Source: utsandiego.com, "Guidelines for repurchasing a home after a financial hardship," Feb. 1, 2014

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