Posted on: 12th Apr, 2010 03:08 am
I had to give-up my house/Deed in Lieu of foreclosure 1 year ago. Since then, I am now dept free, and able to put up to 20% on a down payment on a new house. My credit scores fluctuate from 795-667-627. How will lender see me if I try to purshase a home within the next 4 months?
Hi ReyPR,
Most lenders would want you to wait for at least 2 years to qualify for a new home loan. Your credit scores look good and they will not cause any problem when you apply for the loan. The deed in lieu of foreclosure will cause you trouble till the time it is at least 2 years old. FHA requires you to wait for a minimum of 2 years, while conventional lenders would like you to wait for at least 3-4 years before they can get you approved for a loan.
Most lenders would want you to wait for at least 2 years to qualify for a new home loan. Your credit scores look good and they will not cause any problem when you apply for the loan. The deed in lieu of foreclosure will cause you trouble till the time it is at least 2 years old. FHA requires you to wait for a minimum of 2 years, while conventional lenders would like you to wait for at least 3-4 years before they can get you approved for a loan.