Things You'll Need:
- Time
- Budget Plan
- Self Control
- Patience
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Step 1
Losing a house is a horrible experience. Yet, once you're out from under the burden, you long for another house. I can tell you, it can be done.
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Step 2
First and foremost is getting your financial house back in order. If you also did a bankruptcy, you're starting over with a clean slate (except for taxes, student loans and child support).
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Step 3
Pay your bills on time.
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Step 4
Save money.
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Step 5
Don't bounce any checks and try not to use your overdraft protection too often.
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Step 6
Rebuild with a small, low limit credit card.
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Step 7
Three years after you've become a renter, you're considered a first time home buyer again. That opens many doors to you. If you've kept your credit clean, you can get an FHA loan.
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Step 8
Talk to a mortgage broker and get pre-approved. Not pre-qualified -- approved -- for a proper 30 year fixed rate mortgage.
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Step 9
Find your own realtor to help you look for something that suits your needs and fits your budget.
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Step 10
You can buy again, but it will take time, lots of self control, and patience.
I bought my current house three years and one month after the discharge of my bankruptcy and loss of my other house.
