Posted on: 11th Dec, 2009 08:15 pm
if i forclose in michigan can i still qualify for a mortgage in flaorida
Unfortunately no. Foreclosures are not restrictive to the state that they reside in. You will be required to wait the minimum amount of time required for the foreclosure to pass on your credit before you are able to purchase another home.
In the meantime, I would suggest to make sure that your other personal credit is well established and has roughly 3 to 5 other credit lines on your credit that you are paying on time each month so that when the time has elapsed, and you are allowed to purchase another home, your credit score will not stop you from qualifying.
Another option for you could be a lease option. There are some sellers who are willing to sell their homes, or who have to use alternative options to help move their homes. These are the types of homes that you can meet with a realtor to look at taking part in. This will allow you to lease a home for a predestined amount of time, but set a purchase price for the home, and work out the specifics of the deal with the seller which will typically allow you to take part of the payment you make to the owners each month and have it applied to the final purchase price once the lease agreement is up.
Good Luck!
In the meantime, I would suggest to make sure that your other personal credit is well established and has roughly 3 to 5 other credit lines on your credit that you are paying on time each month so that when the time has elapsed, and you are allowed to purchase another home, your credit score will not stop you from qualifying.
Another option for you could be a lease option. There are some sellers who are willing to sell their homes, or who have to use alternative options to help move their homes. These are the types of homes that you can meet with a realtor to look at taking part in. This will allow you to lease a home for a predestined amount of time, but set a purchase price for the home, and work out the specifics of the deal with the seller which will typically allow you to take part of the payment you make to the owners each month and have it applied to the final purchase price once the lease agreement is up.
Good Luck!