 stacyj0908
Joined: 08 Nov 2009
Posts: 1
1.35 Dollars($)
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 Posted: Sun Nov 08, 2009 6:31 pm Post subject: New Mortgage after Deed in Lieu of Forecloser |
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| Hi Question - I'm wanting to buy the house I'm currently renting. I did a deed in lieu of 2.5 years ago and have a credit score of 630. The remainder debt from the Deed in Lieu of was forgiven. I have 3.5% to put down on my current home, but my lender is telling me I can't get a loan until the deed in lieu of is 3 years out. Is this true? I already have the contract with the owner and everything was set up to close until the broker realized this date.. He originally told me 2 years, now that we are 2 weeks from closing, he decided it was 3 years. Any help? |
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jenkin7
Joined: 04 Jun 2007
Posts: 4304
Location: Hawaii
680.13 Dollars($)
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| Posted: Sun Nov 08, 2009 10:43 pm Post subject: |
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Hi stacyj,
Generally, the waiting period to qualify for an FHA-insured loan after a deed in lieu is 3 years. However, exceptions can be granted for extenuating situations, given the borrower has since then established good credit. Thus, most of the lenders would require you to wait for another year and work on your credit before applying for an FHA loan. |
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