I find most people think they need to wait 5 to 7 years after a major credit event like a bankruptcy or foreclosure to purchase a home again. But this is not always the case. This article on Yahoo explains it well.
Keep in mind, qualifying for a mortgage in today’s world can be tricky; if you get turned down by one bank that does not mean you can’t obtain financing. It is more important than ever to work with a mortgage planner that will take the time to understand the situation and knows how to get it done.
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