Compare Mortgage Quotes

stacyj0908 · Joined: 08 Nov 2009 Posts: 1 1.35 Dollars($)

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?

jenkin7 · Posted: Sun Nov 08, 2009 10:43 pm Post subject:

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.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

New Mortgage after Deed in Lieu of Forecloser