My house went into foreclosure 2 years ago due to me being laid off form my job. I got a notice saying the home was going to auction, but I was able to borrow 7 thousand dollars from my brother and get my home back, I have made every payment on my home on time since then. I am moving in a few weeks for work and am trying to buy a new home, will this foreclosure still be a bad mark on my credit? Will it be hard for me to buy a new home, or even to rent a home?Trying to move but have bad credit, need advice?
When you make late payments it is on your credit report. However it is not as damaging as when you do not pay a loan. The mortgage market is pretty tough for those who do not have the highest credit rankings. You can see what a mortgage broker can do for you. Some programs like FHA can give you good rates even if you credit is less than perfect.
If you can not get a reasonable mortgage you should be able to find a rental. The landlord may want a larger deposit if your credit score is low.
Renting is often a good idea to get to ';test drive'; an area before buying even if your credit is strong.
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