The passage of time eventually helps smooth the way. Some homeowners who were foreclosed on when the market first started to skid are now looking to buy again and are getting loans.
"They're probably going to pay a little higher interest rate, but with rates so low, a higher interest rate of 4 percent is not a big deal," said Rosa Herwick, a broker and owner of Century 21 JR Realty in Henderson, Nev.
How likely is a bank to approve your mortgage application if you have a real estate-related blemish on your record? And can you do anything to spring yourself from the mortgage penalty box?
It depends on several factors, but largely on whether you had a foreclosure or a short sale.
Foreclosure. Generally, borrowers with one in their credit history can expect to wait two to seven years before a lender will even accept their loan application.
Read the full article at the Philadelphia Inquirer
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