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For Those Who Have Experienced a Short Sale
By Dick Sakowicz | April 27, 2010
Fannie Mae recently released some new guidelines that have changed the waiting period for individuals who have had to sell their homes through a short sale, a pre-foreclosure or a Deed-In-Lieu of Foreclosure sale. Their old guideline specified that you would have to wait four (4) years before applying for a Fannie-Mae backed loan.
The new guideline states that borrowers may purchase a new property after as little as two (2) years from the time of a short sale or similar non-foreclosure sale process. In short, the new guidelines will allow a borrower to purchase a new home with 20% down after 2 years, or 10% down after four years.
Fannie-Mae evidently is recognizing that many homeowners have been forced to sell their homes due to circumstances out of their control, such as a job loss. As the economy recovers and people go back to work, Fannie-Mae backed home loans will once again be available.
To review these new guidelines please go to Fannie Mae Backed Home Loans.
Topics: Buyers/Sellers, Palm Springs Real Estate Market Conditions, Palm Springs Real Estate News | No Comments »
