Posted on: 05th Nov, 2012 01:11 am
I need to know for a friend that after the home dispositions through:
1) Short sale
2) Deed in Lieu
3) Foreclosure
How soon can one get a new home loan? Assume that I've always been on time and have good income.
1) Short sale
2) Deed in Lieu
3) Foreclosure
How soon can one get a new home loan? Assume that I've always been on time and have good income.
after a short sale, you need to wait for 2-3 years in order to get a loan. as far as deed in lieu of foreclosure and foreclosure is considered, you will have to wait for 3-4 years in order to qualify for a loan.
Hi Traind!
Welcome to forums!
You can check out the given page to know all about deed in lieu of foreclosure and short sale:
http://www.mortgagefit.com/deed-lieu.html
http://www.mortgagefit.com/discuss/shortsale-crediteffect.html
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can check out the given page to know all about deed in lieu of foreclosure and short sale:
http://www.mortgagefit.com/deed-lieu.html
http://www.mortgagefit.com/discuss/shortsale-crediteffect.html
Feel free to ask if you've further queries.
Sussane
If you have a clear credit report and a high credit score, then the chances of getting a home loan is higher with a low rate of interest. But, in case you have a low credit score, then you might have to pay a high interest rate. Sites like Creditscore.com and Creditreport.com lets you check your score regularly.
As you say to be perfect financially and punctual too so there is high probability that you get a good deal for the home loan. Regarding the time, it would take for you to apply after these disposition schemes would take a couple of years but an agent good in it could do something for easing up the process later on.