Posted on: 10th Sep, 2008 01:16 pm
I have a house in AZ that is now price out of market. I called up my lender who said they had the "Deed In Leiu" program. After speaking with the lender I was told that there would be little to no negative influence on my credit report. My morgage that I want to apply for is a VA loan and I am concern on whether or not I would qualify with a Deed In Leiu on my credit report. Right now I have good credit. Is this a good option?
You are not eligible for VA loan for 2 years if you have a deed in leiu.
Welcome linc wolfe.
I don't think the lender has given you the right information regarding credit effects of deed in lieu. When you go for deed in lieu, it brings down your score by 250 points. So, obviously it has a negative impact on your credit. Thus, qualifying for a VA loan now won't be easier. You'd have to wait for a year at least. In the meantime, if you can bring up your score to 580, that'll help you qualify. Know more about credit score for VA loan .
Thanks.
I don't think the lender has given you the right information regarding credit effects of deed in lieu. When you go for deed in lieu, it brings down your score by 250 points. So, obviously it has a negative impact on your credit. Thus, qualifying for a VA loan now won't be easier. You'd have to wait for a year at least. In the meantime, if you can bring up your score to 580, that'll help you qualify. Know more about credit score for VA loan .
Thanks.
Hi
I wanted to know how I can add my name to our deed..My name is on the front cover of the deed but mistake of someone not on the written recorded side..I have all the checks I paid on the house with my name, and the mtg check down payment at closing..the attorney addressed everything to both of us. I called the bank being the mtg is paid off in a few months and they said to fill the forms out..I dont know which type Iam applying for to get my name added jointly..we both own the house but hub is giving me a prob..I live in nY..Iam disabled and cant afford attnry fee's..I paid on the house with my checks every month..I signed and paid all the bill, utilitiy, etc..the bank with the mtg said just fill out some forms..there are some tax form records..I dont know how to do this..can anyone help..I also have a some child that I would want to make sure gets my part of the house if anything ever happened..any info please ..I ened to resolve asap..the mtg is almost done..
thanks
I wanted to know how I can add my name to our deed..My name is on the front cover of the deed but mistake of someone not on the written recorded side..I have all the checks I paid on the house with my name, and the mtg check down payment at closing..the attorney addressed everything to both of us. I called the bank being the mtg is paid off in a few months and they said to fill the forms out..I dont know which type Iam applying for to get my name added jointly..we both own the house but hub is giving me a prob..I live in nY..Iam disabled and cant afford attnry fee's..I paid on the house with my checks every month..I signed and paid all the bill, utilitiy, etc..the bank with the mtg said just fill out some forms..there are some tax form records..I dont know how to do this..can anyone help..I also have a some child that I would want to make sure gets my part of the house if anything ever happened..any info please ..I ened to resolve asap..the mtg is almost done..
thanks
Hi Teri!
Your question has been answered in the following link:
http://www.mortgagefit.com/deed/addname-disabled.html
Sussane
Your question has been answered in the following link:
http://www.mortgagefit.com/deed/addname-disabled.html
Sussane