Buying a Paradise Valley Home After a Foreclosure
Because of the current state of the market in Arizona, many homeowners have had their homes foreclosed. As a result, former homeowners are reluctant to buy a new house, because they believe they will not be able to. However, this is not the case for many people, and there are several ways for those who have had their homes foreclosed to purchase a new home. If planning to buy another home, consider the luxurious homes in Paradise Valley Arizona. Now is the perfect time to buy homes in this affluent city because of the great prices! Homes in Paradise Valley that were previously unattainable are now affordable.
Currently, lending institutions typically require people who have gone through foreclosure to wait about seven years in order to qualify for a new loan. However, under certain circumstances, new borrowers may have the waiting requirement reduced to a much lower waiting time – such as three years. Next, it is true that a foreclosure can damage the homeowner’s credit. In order to buy a new home, potential buyers should focus on fixing their credit score. Of course, the biggest factor to being a homeowner again is for potential buyers to find a stable job. Lending institutions want to make sure that potential borrowers have a strong work history and are also currently employed. Finally, saving money in the bank is also a great idea to show the lenders that the buyer will have money ready to pay the mortgage in the event of a job loss. Paradise Valley Homes are a great way to start over for potential buyers who are interested in buying an elegant home with great amenities.
Carmen Brodeur is a Paradise Valley Realtor and Attorney. She specializes in Paradise Valley homes. Please call Carmen at (800) 300-0263 if you would like to shedule a private showing of any Paradise Valley homes for sale.