Over the past few years, I have given a solid guideline to home owners recovering from income curtailment and distressed modifications on their primary residences.
Carrington Mortgage Services
Direct at 310-567-8938
Our mortgage department can help you see what you would qualify for calling 800-640-8798.
Over 1 Billion Sold
In the terms of averages, in the past the banks wanted to see 2 years of on time payments. In five years if you keep it up your credit score shall be as good as ever. Where as you are putting 20% down you should not have any problems. The lates are no where near as bad if you had a foreclosure which could stay for 7-10 years.
When it is time meet with a local and trusted mortgage broker and they can prequailify you at no cost and let you know what programs are available to you.
Good luck with your future.