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What is the waiting period currently for a deed in lieu?

by lyndaken438 from Newcastle, Utah. Sep 22nd 2015 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

It depends on the type of loan your applying for.. with Conventional financing, you have to wait 4 years.. With VA (must have VA eligibility) it's 2 years, with USDA, it's 3 years.. and for FHA, there's 2 different scenarios.. one allows you to purchase in 12 months, and the other scenario mandates a 3 year wait.. to see what your waiting period would be, i suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 NMLS# 226347

Sep 22nd 2015
Timothy Howard (timehoward)
#70 ranked lender in Utah - 154 contributions

Call me at 435-764-8709, We can talk about this as we have some special programs that may help you!

Sep 22nd 2015
Mark Hemingway (SFSLend)
#1 ranked lender in Colorado - 1,052 contributions

There are several options. If you do a Fannie Mae transaction the waiting period if 4 years. If you go with an FHA loan then it is either 1 year (depending if you qualify due to loss of income that meets the Back to Work FHA Program) or otherwise is 3 years.

Sep 25th 2015
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