I have zero debt, cash and a deed in lieu on record. Will any bank consider a loan at this time ??

Asked by Thomas_151, Ocean City, MD Fri Oct 28, 2011

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Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Fri Oct 28, 2011

This short video (link below) talks about the waiting periods required after bankruptcy, foreclosure, short sale, deed-in-lieu, etc. Take a look and let me know if you have any questions from there.

Rob Spinosa
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Annette Levi…, , New York, NY
Fri Oct 28, 2011
It depends on when the deed in lieu was.
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BG, Home Buyer, Phoenix, AZ
Fri Oct 28, 2011
I am not sure Banks will but Credit Union may .....
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, ,
Fri Oct 28, 2011
Possibly but there is a lot more to it than that. When did the deed-in-lieu happened? You have to wait two years since the DIL to buy conventional if you are putting at least 20% down. The zero debt could be an issue depending on how many tradelines you show open and active on your credit report. Lenders have different policies on that but if you don't have a lot of activity be prepared to provide possibly past 12 months of rental history. Your scores will have an impact as well as your income and length of employment, price of the property, etc. If you want to discuss further call or email us.

Jose Morales
Florida Mortgage Coach
NMLS #:225888
“We Coach You Through the Mortgage Process”
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