Buying a Home in Bremerton after Foreclosure
Like any community in the northwest in the last couple of years, Bremerton has had its share of economic ups and downs. Many individuals took their hardest hit in terms of their home when during the real estate bubble of the 2000s, put most of their investment into their homes and saw the value of all they’d worked for plummet by the end of 2007. Many individuals ended up selling their homes for much less than they were worth. Still others found themselves without a home at all. If this describes your situation, there are ways for you to get back in a home, sometimes with better options than at the height of the bubble.
Having a foreclosure on your credit does not ruin your chances of owning a home forever, and it doesn’t mean that you are destined to rent for years on end. Of course, it will be very important to start building your credit score. Making on-time payments on all of your obligations and paying down debt will be key to your road to home ownership again.
If you don’t have a lot of other late payments other than your previous mortgage, figure about three years until you may be able to qualify for another loan. In the meantime, establish a good payment history again, and look for a home that you can lease to own.
A lease to own arrangement will give you the opportunity to live in the home you will ultimately buy while building your credit rating. In addition, a portion of each monthly payment will go towards the purchase. Just make sure to find a lease to own arrangement that gives you plenty of time to get approved for financing. A good mortgage broker can advise you based on your situation.
You’ll get a chance to lock in the price of a home from the day you move in. This means that, if the value of the property goes up, you can purchase the home for less than it’s worth. In the meantime, you are not responsible for the tax payments or other aspects of homeownership which may be prohibitively expensive for you. This option allows you to make an almost instant profit if the market happens to climb. If not, you stand to lose nothing except the wasteful lifestyle that you had while renting.
Washington Home Solutions is located in Port Orchard and offers lease opportunities to people who would like to own a home, but need time to get financing together and would like to explore lease to own opportunities. You can learn more at WAHomeSolutions.com.
