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Adriana, Home Buyer in 77006

We did a deed in lieu of foreclosure in dec of 2007 - we have financiallly recovered from that and are willing to apply for a new loan - we have been

Asked by Adriana, 77006 Thu Mar 4, 2010

told that we would have to wait until 2011/2012 to be able to get a new loan. Is that true? We are willing to put up to 30% down payment in a house - Is a new loan totally out of questions for us until 2012? What other options should we take a look at? Your advice is trully appreciated - We are in Houston, TX.

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Looks like 4 years after a Deed In Lieu, so January 2012 looks correct. Too bad you didn't do a short sale, I believe the waiting period is only 2 years. I

See the link from Fannie Mae:

http://www.aramelkonians.com/upload/client1753/pdf2009092218…
0 votes Thank Flag Link Thu Mar 4, 2010
Why not visit with any qualified loan officer, see exactly what your budget can handle and check that credit score--I wonder if your deed in lieu was reported as paid by the lender--FHA loans do require a minimum score of 620 and 3.5% down--your loan officer can best advise you.
0 votes Thank Flag Link Thu Mar 4, 2010
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