After Deed In Lieu..can my wife get a mortgage?
In Aug. 2010, I had a Deed In Lieu completed in my name. My wife's name is not on that mortgage. My credit was hit and last time I checked at end of 2011 it was 684 when I checked it last. It should be higher now. We have been leasing a house since 2010 and just renewed it until Nov. 2013. We have missed no payments in 20 years except for the payments we were told to miss in order for the Deed to take place. We would like to get another home and we thought that she may be able to get a mortgage in her name since the Deed was in my name. However her income is not enough by herself to get the house we would like. Would I be able to be a co-borrower to help in the mortgage or would this not be an option?I have another year before our lease is up, but we are researching all options.Thanks by chrisj_527_142 from Ringgold, Georgia. Nov 16th 2012
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
On a new conventional loan, you need to wait until two-years beyond the date the transfer to a new owner or back to the lender with 20% down. On a new FHA loan, 3 years with 3.5% down. On a VA loan, 2-years, and on a USDA loan, 2-years - both zero down.. All of these programs have an "extenuating circumstance" exception, but I have never seen anyone obtain the exceptions, so figure you need to wait. www.MinnesotaBestRates.com
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Joe is correct regarding the mandatory waiting periods for deed in lieu.... regarding co signing for your spouse... under lender rules, if they need your income, then your credit will be considered... and with the deed in lieu, the decision would be no..You will have to wait 3 years if you don't have 20% down.. 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. 480-287-5714 WilliamAcres.com
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
No. You would not be able to co-sign. Basically, because of the DILF, you are toast until three years have passed. Your wife could get a loan, but not using your income because you cannot be on the new loan. One option may be for her to do an FHA and if she has another family member besides you that has good credit and income, they could be on the loans as a "Non-occupant co-borrower". I have done several transactions using a parent or grand-parent as the NOC. Then, once your three years is up, it may make sense to refinance to get the co-signer off the loan, and you on it. www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ Licensed in California and Arizona ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
we go by when the house was totally out of your name... so by your statement , it has been 2 yrs already,, are you vet by any chance? what is needed to know, if how the lender put it on your credit report ... linda my email is yourloanpartnerforlife@live.ocm
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