Posted on: 16th May, 2011 02:03 pm
We've been in forclosure for 2 years now and have enough to buy. Is it possible to do it now or would we have to wait 2 more years for it to be total of 4 years? And would our interest be super high?
Vi
Vi
Hello Vi,
What was the reason for the foreclosure 2 years ago? Has it been a full 2 years since the reporting of the foreclosure? Its a possibility you can do with FHA, but you need a good reason for the foreclosure, and you must not have been late on the mortgage, as well as your other debt must be clean. Generally you must wait the 3 years. Going with FHA you will have mortgage insurance and if you put 20% or more down, using conventional financing, you will not have to pay mortgage insurance. The rates, would be dependent upon your credit, income, LTV etc. But rates are really low. Good luck!
What was the reason for the foreclosure 2 years ago? Has it been a full 2 years since the reporting of the foreclosure? Its a possibility you can do with FHA, but you need a good reason for the foreclosure, and you must not have been late on the mortgage, as well as your other debt must be clean. Generally you must wait the 3 years. Going with FHA you will have mortgage insurance and if you put 20% or more down, using conventional financing, you will not have to pay mortgage insurance. The rates, would be dependent upon your credit, income, LTV etc. But rates are really low. Good luck!
