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Credit affected by loan modification on investment prop - how can I get a mortgage on a new home?

I am looking for a lender to finance a new home, we plan to put 40-50% down- home value $700k.We have always had excellent credit 780 but we had to let a rental property in Phoenix that we bought at $160k, now valued at $70k, become delinquent so we could get the bank to modify the loan. The loan modification is done but my credit shows past due history only on this loan. This is the only delinquency we have ever had.  Is it possible to locate a mortgage on a new home which will be our main residence?
  • May 19 2012 - Encinitas
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Answers (1)

most program will not allow any mortgage 60 day late or worse in most recent 12 months. If you can wait until you reach 12 months from the completion of the modification that should open several doors. With 40% down private party financing is a possible temporary option for you at higher rates.
  • May 19 2012
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