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Deed in lieu

Valued Member

Deed in lieu

How long do I need to wait in order to get a mortgage after a deed in lieu of foreclosure? I had an 80/20 mortgage and one of them shows as the date completed as 5/2013 and the other as 8/2014.

Thanks you for your help!!
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Message 1 of 5
4 REPLIES
Contributor

Re: Deed in lieu

Waiting period under FHA is within 3 years and conventional is after 4 years. 

Message 2 of 5
Valued Member

Re: Deed in lieu

so based on both of those dates, worst case is I need to wait until August, right?  For FHA I mean.

 

Can I start the process now and just not close until after August?  Or do I need to wait until after August to get this rolling?

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Message 3 of 5
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Established Member

Re: Deed in lieu

I settled my homeequity account last July, then got current with my mortgage, but the settled home equity is classified as a charge off, people told me the same, 3 years for FHA 4 for Fannie.  But if you have money saved, enough for 20% you should be able to get a mortgage before that, but it won't be FHA or fannie backed. so if you belong to a credit union, or your local bank might give you one

Message 4 of 5
Moderator

Re: Deed in lieu


scalan15 wrote:

I settled my homeequity account last July, then got current with my mortgage, but the settled home equity is classified as a charge off, people told me the same, 3 years for FHA 4 for Fannie.  But if you have money saved, enough for 20% you should be able to get a mortgage before that, but it won't be FHA or fannie backed. so if you belong to a credit union, or your local bank might give you one


^^^This might be the case if the lender is going to portfolio the loan (not sell it). There are not many true portfolio lenders from what I have seen. I see many that say they will but when you check them out they follow Fannie Mae guidelines to the T.  

 

OP, if you don't want to be hampered by finding a portfolio type lender, wait until your 3 years has passed so you can go to a lender and get an FHA loan.  Make sure the lender you choose is knowledgeable, experienced and doesn't have overlays that prevent your approval at the 3 year mark. Good luck.

Message 5 of 5