Home Buying in 77095>Question Details

Adriana, Home Buyer in 77006

I recently (12/07) had to do a deed in lieu of foreclosure in a house I lived in chicago, IL. We relocated to

Asked by Adriana, 77006 Tue Feb 10, 2009

TX and we are now in a much better financial shape. Will it be possible to get another mortage or loan again to buy a house this year or my case is just hopeless? My husband tried the VA and teh informed him that deed in lieu is worse than a bankruptcy...they say we would have to wait 4 years to apply again due to the deed in lieu...Is there any help for us at this point?

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You can also do a lease with the option to buy. It works well for these type situations. Usually you would need equivalent to three months rent up front. You could rent up to 3 years before you would need to find your own financing.
If you would like more information call me at

Nancy Ware
713 203 7241
Coldwell Banker United
0 votes Thank Flag Link Tue Mar 17, 2015
You will only have to wait 4 years if you apply for a VA loan.
Having a Deed in Lieu is not worse than a bankruptcy, but it isnt pretty either. FHA has plently of programs for people to get back into the market. Waiting 2 years is also a myth. It depends on your credit score. If you have a score over 580, you are good to go, as long as your income can be documented.
If you want a loan, we have a deparment that can be reached at 1-800-640-8798.

Daniel Klein
Over 1 Billion Sold
0 votes Thank Flag Link Wed Jan 4, 2012
Shawn is correct on their statement. I am a Texas mortgage loan officer, best hold off till approx. 1/10 therefore you have 2 years behind you since 12/07. Welcome to Texas
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Feb 10, 2009
After foreclosure or bankruptcy most of the lenders/banks will not take your application for about 4-6 years. Some FHA lenders may accept after 2 years.
0 votes Thank Flag Link Tue Feb 10, 2009
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