· Getting a conventional loan after bankruptcy or foreclosure could take up to seven years, but not any more. fannie mae just reduces wait times drastically.
· Washington, D.C. – The federal housing finance agency (fhfa) today announced that Fannie Mae and Freddie Mac are issuing new, clear guidelines to their mortgage servicers that will align and consolidate existing short sales programs into one standard short sale program.
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Following in the FHA’s footsteps, Fannie Mae has reduced the mandatory waiting period for a mortgage after bankruptcy, short sale, or pre-foreclosure. Borrowers no longer need to wait 4 years.
. Fannie Mae on an initiative designed to help REALTORS® quickly resolve issues that may arise after a short sale offer is made on a Fannie Mae-backed loan. According to the organization, the Fannie.
In fact, it is now easier than ever before to get the mortgage of your dreams. Fannie Mae guidelines on getting a Mortgage loan after foreclosure have reduced the amount of time it takes to get approved for a loan through them. You can now apply just two years after filing for bankruptcy or going through a short sale.
Desert. of home loans. Originally, they were required to wait two years after a short sale. Beginning Aug. 16, they will have to wait at least four years from the date of the short sale before.
In short sale deals, the sale price of the home is less than what the seller owes. Often, the bank that holds the mortgage takes so long to approve. the Federal Housing Finance Agency (FHFA), which.
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Your mortgage company will need to understand the reasons why you are having difficulty in order to find the right solution for you. Contact your mortgage company or the Fannie Mae Mortgage Help Network-Tell them you are interested in a Short Sale and you want to see if you qualify.
Fannie Mae Loan Vs Fha The financing is a 10-year fixed-rate loan with a 30-year amortization. and mixed-use assets through Fannie Mae, Freddie Mac, FHA, its own balance sheet and managed public and private.
Borrowers can now re-apply for a loan just two years after a bankruptcy, short sale, or pre-foreclosure. This matches FHA's lenient minimum.