KEYWORDS:FHA Waiting Period After Deed In Lieu Florida, FHA Waiting Period After Deed In Lieu New Jersey,
FHA Waiting Period After Deed In Lieu Of Foreclosure
First and foremost lenders will want to see that you have re-established your credit after a Deed in lieu of foreclosure. Make sure that you do not miss any payments. If you are buying a home make you can provide documented rental history for 12 months.
FHA insured mortgages are generally not available to borrowers whose property was transferred with a deed-in-lieu of foreclosure within the previous three years. However, if the deed-in-lieu of foreclosure of the borrower's main residence was the result of extenuating circumstances, an exception may be granted if they have since established good credit. This does not include the inability to sell a home when transferring from one area to another.
FHA allows a borrower with a minimum credit score of 580 to buy a home with only a 3.5% down payment. The guidelines allow a borrower with a minimum credit score of 580 to buy a home using their own funds for a down payment or the down payment funds can be a gift from a family member.
New guidelines allows a home buyer with a minimum credit score of 580 up to a 6% seller's concession. The seller's concession must be written into the sales contract.
Borrowers with a credit score below 580 new
guidelines require a minimum down payment of 10%. The guidelines allow a
borrower with a minimum
credit score below 580 to buy a home using their own funds for a down
payment or the down payment funds can be a gift from a family member. FHA Waiting Period After Deed In Lieu.
What documentation will I need?
• Personal tax returns for the past 2 years
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Latest retirement statement for each active account (all pages)
• Sales contract (purchase)
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)
• Addresses and loan information of other real estate owned (if any)
Call us 800-516-9166
www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
We look forward to working with you.
Jun 09, 23 12:47 PM
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