The Bishop Realty Blog

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Homeowner in Foreclosure Yesterday: Happy South Miami Homebuyer Today

MP900308922We are seeing an interesting trend in the real estate world right now. An increasing number of people who owned distressed properties a few years ago are now returning to the real estate market with a renewed ability to buy. Now that many areas are seeing an uptick in home prices, and many parts of the nation are five to seven years away from the real estate peak, more and more of these types of buyers are re-entering the market. The prime areas of real estate expertise for Bishop Realty Associates - Homestead, Florida City and the Redlands are no exception.

If you have a foreclosure, bankruptcy, or short sale in your credit history, don’t be afraid to look at the option of getting back into the real estate game soon. Loan requirements vary greatly between lenders and loan programs, and many factors are considered. However, one of the most common loans we see today, especially among those with a foreclosure in their past, is the FHA mortgage.

FHA requirements today show that if a foreclosure was discharged at least three years ago, or a bankruptcy was discharged at least two years ago, an applicant could be considered for an FHA mortgage. There are many additional requirements, so candidates should speak with a lender for more information. Buyers should also be aware that because of the foreclosure on record, their loan application will be examined very closely.

For more information about homebuying options for those with a foreclosure, bankruptcy, or short sale on their credit, contact Bishop Realty Associates today.