Posted on: 29th Nov, 2009 03:12 pm
after a deed in lou can we go and buy a house
and how dose it hert my credet[color=Green:20eb46987f][/color:20eb46987f]
and how dose it hert my credet[color=Green:20eb46987f][/color:20eb46987f]
Hi chefjoey,
A deed in lieu (DIL) affects your credit score by almost 200-250 points. You need to wait for at least 2 years, besides improving your credit scores, after a DIL to qualify for an FHA loan. For conventional loans, the waiting period can be anything between 3-4 years. Thus, you have no chance of qualifying for a loan to buy house immediately after a DIL.
A deed in lieu (DIL) affects your credit score by almost 200-250 points. You need to wait for at least 2 years, besides improving your credit scores, after a DIL to qualify for an FHA loan. For conventional loans, the waiting period can be anything between 3-4 years. Thus, you have no chance of qualifying for a loan to buy house immediately after a DIL.