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What is the wait time to qualify for another FHA or USDA loan after a Deed In Lieu of Foreclosure

I have a 648 credit score. Completed a DIL about 3 years ago. I would like to purchase again. Can I qualify for a USDA or possibly a repeat FHA loan with a decent rate and little down payment? by Sylvia10831 from Yuma, Colorado. Mar 30th 2017 Reply


Allen Lundberg (ColoLender)
#21 ranked lender in Colorado - 24 contributions

FHA requires 3 years from the date that the Deed in Lieu was recorded with the county. With a mid credit score over 640, you should be in good shape to consider buying. FHA will require 3.5% down and overall our FHA rates are still great. I would be happy to review your current situation with you anytime. Please give me a call at your convenience. Allen Lundberg720.203.9871

Mar 30th 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

For FHA, it's 3 years from the date the property transferred out of your name.. For USDA, it's 4 years.. FHA requires 3.5% down, and USDA is 100% financing.. Both programs will not allow you to finance closing costs, so you either pay for them out of pocket, you get the seller to contribute towards your costs, or you work with your lender to see if he can get them paid,,, I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Mar 30th 2017
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Larry Gray (lgray_312_247)
#4 ranked lender in California - 1,127 contributions

You can also find out if your State has a down payment assistance and possibly closing assistance programs, or often in various regions of Co. at times there willbe a local DPA/closing costs assistance program. Often they are used in conjunction with an FHA loan as well as with other conventional first time buyer loans. It having been 3 years, you also qualify as a first time buyer again.

Mar 31st 2017
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John Burke (jburke)
#1 ranked lender in Texas - 183 contributions

Hi Sylvia10831,FHA & USDA both require a 3 year wait after a DIL but you may run into another issue, CAIVRS. If FHA paid a claim on the FHA mortgage that you did the DIL on, you may find yourself listed in the CAIVRS system. If you are in CAIVRS you will not be eligible for a USDA or FHA mortgage until you get 3 years out from when FHA paid the claim.| Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains National Bank http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states

Apr 13th 2017
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