3 Tips to Buy a House After Financial Setbacks

Renting is at a 50 year high and most people say that's not by choice. Jimmy Rhoades met up with the star of Discovery's Property Wars, Doug Hopkins and mortgage expert Kevin Kosisky to get three ways to overcome credit setbacks and get into the house of your dreams.

1.  Know the Timelines

The majority of people can buy 2 years after bankruptcy discharge and 3 years after foreclosure.

2.  Spread Out Your Debt

Don't use the same credit card for all of your purchases and keep each card below 25 percent of your limit.

3.  No Buy Zone

This goes especially for big ticket items. Once you're in the home you'll be good to buy new furniture, or lease a car, or buy a big 4K TV. Just wait until you have officially closed.

Did any of these tips surprise you? Join the conversation!

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