It takes time to get a mortgage again
No doubt you can get another mortgage but you need to keep some patience as it takes a time to qualify for the mortgage. And when it comes to the must-wait time period for applying for a new mortgage after foreclosure, it varies from one mortgage program to another.
For an instance, in the case of a conventional mortgage, the borrower needs to wait for seven years (after the foreclosure) to get a new mortgage. While the FHA (Federal Housing Administration) requires a waiting period of three years.
Speeding up the process needs a trick
However, if you are looking for the ways of reducing the waiting time and speeding up the process, you need to know what exactly you should do. For an instance, you can reduce the waiting time by giving the lender a proof that the foreclosure happened due to the particular financial hardship and now, you have recovered from that. The reason can be the business failure, loss of job, major health issue, the death of the wage earner or any other serious reason.
However, it is not sure that you would definitely succeed in reducing the waiting time; it depends on the lender and the mortgage program whether you would be able to speed up the process or not.
Boosting up your credit score
A credit score is the main component that will let the mortgage lender make his decision. So, the first thing that you need to do for qualifying a mortgage is rebuilding your credit. A good credit score will let the lender believe that you have recovered from the financial hardship. What you can do for that is maintaining a low balance on the credit card, paying bills on time, adding to your savings and more. Also, you need to check your credit report from time to time to make sure that there are no inaccuracies.
Completing the paperwork
You need to keep a record of all the paperwork done during and after the foreclosure because when you will apply for the mortgage again, the lender/bank would be interested in verifying everything so that there would be no risk of foreclosure.
If you are serious about getting a mortgage again, you must consult a real estate agent in Houston, TX who would be dealing with the similar cases, soon after the foreclosure. He will not only guide you towards what you should be doing but will also let you avoid the long-term by implementing the right strategies in advance.