Erika , Foreclosure is typically 7 years to clear from the date of closing. The govt is working to change that. Please feel free to email me with any questions. Remaxjustin@gmail.com
Enjoy your weekend.
Congrats on getting your scores back up there after the foreclosure. As long as it's been 3 years since the foreclosure sale, and you've had re-established credit for at least 12 months, with no new negatives after the foreclosure in the most recent 2 years, then yes you should be in pretty good shape to get an FHA loan with just 3.5% down, or you can put more down if you'd like as well. Interest rates would be no different than if you never had a foreclosure, as there isn't a "rate adjustment" for people with foreclosure - it is just based on your credit score, and with FHA financing a 650 credit score gets rates in the middle 4's on a 30-year fixed.
If you need help, have more questions, or want more information I'd be happy to help. I do a ton of FHA loans, lend in all 50 states and I'm helping someone right now in Somerset County.... more
I can help you out if you are interested. Give me a call at your convenience and I will check the MLS system to see if the properties you are referencing are available for sale.
(732) 239-7452... more
Yes there is a flood zone in Rutherford. It runs along Riverside on the Lyndhurst side of town. It runs down to past the boat house. Part of Riverside Terrace is also part of the expanded flood zone. If you have a specific property in mind, I would be happy to answer any questions.... more
If your mortgage was discharged with the bankruptcy in 2009 - why didn't the bank accept a deed in lieu of foreclosure 2 1/2 years ago? They actually went through the entire foreclosure process? Did you reaffirm the debt of the mortgage during your bankruptcy or it was discharged as part of it or did you live in the house without paying your mortgage for all that time before they actually foreclosed?
I would think a loan officer/mortage rep would know more about qualifying for a mortgage sooner than the 3 year period.... more
I moved to Rutherford in 2002 Specifically because of the schools, community and close proximity to New York. The town is beautiful, the community is family friendly and filled with activities year round. The home prices right now in Rutherford are pretty amazing. If you have anymore questions don't hesitate to hit me up at www.GoAdrian.com.... more
Contact the local fire department and talk to them about using the property to conduct training. In most events there are great tax benefits to allowing them to burn the house down for you - be sure to talk to an accountant about it first though. Good luck.
Cameron Piper... more
You may wish to contact Sallie Mae direct for credit guidelines before applying--see link for additional information--