Waiting period for loan after deed in lieu with 20 percent down payment?

2 years is correct.. and just about every lender out there is doing these.. this is a Fannie Mae loan product... the 1 year program is an FHA program and it's called "Back to Work".. With the FHA program, you can apply 1 year after the foreclosure so long as you can document the cause of your foreclosure was a result of at least a 20% reduction in income, and you've paid all your obligations on time for the past 12 months.. the FHA program is not the best way to go since it carries the most expensive mortgage insurance of any other loan product.. with 20% down, conventional there is no MI.. 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

Jessica - I just wrote a blog about this whole subject. Here are you dear - Andrew http://www.lender411.com/mortgage-articles/10358/new-fha-lending/

As long as it has been at least 2 years (usually the month after) and you have 20% downpayment you may be able to qualify as long as the rest of your qualifications meet requirements. I believe the 1 year opening is for FHA loans that meet some very strict criterial, not Fannie Mae. I haven't seen anything from Fannie allowing as little as one year - and most lenders would consider that is too risky unless you had a well documented reason that was an "act of God" for the short sale. When you say the downpayment is saved in cash, I assume you mean cash in the bank or other similar account. (Usually have to show the money in an account for more than 30 days, sometimes 60 days). I can refer you to one of our mortgage officers in New York if you would like them to look at options for you. pdumouchel@primelending.com or 843.619.6025

FHA ChangesTuesday, August 27, 2013 - Article by: sharon duffy - 7th Level Mortgage - Message The FHA has recently released new information that they have now shortened the waiting period after a foreclosure, short sale, or bankruptcy for a prospective buyer to qualify for an FHA insured home loan. The waiting period used to be 2 years for bankruptcy and 3 years for either a foreclosure or a short sale. Now, if your buyer can show evidence that they had experienced an "Economic Event" (any occurance beyond the borrower's control that results in Loss of Employment, Loss of Income, or a combination of both, which causes a reduction in the borrower's Household Income of 20% or more for a period of at least 6 months), they may be eligible earlier to re-enter the home buying market.This change isn't going to help everyone who had a bankruptcy, short sale, or foreclosure - but it certainly does help increase the buyer pool.

Yes it is after two years. We are now financing after two years with as little as 5% down as long as that is the only negative thing on your credit. P: 888-320-7888 - www.MortgagesforAmerica.org - Ken Burrows