Posted on: 16th May, 2013 02:23 am
I want to know the time frame of getting a new mortgage loan after doing a modification. My husband and I want to buy a bigger home in the near future.
Hi Avanta,
Well, I haven't heard of any such time frame to get a mortgage after loan modification. However, if modification has lowered your scores, then you should make sure that you improve your scores and then look out for loans.
Thanks,
Jerry
Well, I haven't heard of any such time frame to get a mortgage after loan modification. However, if modification has lowered your scores, then you should make sure that you improve your scores and then look out for loans.
Thanks,
Jerry
Modifications are treated just like a foreclosure. FHA would be 3 years and up to 7 years for conventional depending on circumstance and Loan to Value. You may find a portfolio lender or hard money lender who will provide financing under those time frames.
Your first step should be to contact a mortgage lender and find out how the modification so show up on your credit.Get pre-qualified and one more thing is that you should have excellent credit to enhance your chances.