Tuesday, September 23, 2014

Good Old Fannie Mae Eases Waiting Period for Some Buyers

These changes actually are in effect for any buyers whose loan application dates are after August 16,2014.

Buyers with a short sale or deed-in-lieu of foreclosure, new waiting period is 4 years. Time can be shortened to 2 years if the borrower can prove extenuating circumstances.

Buyer with a foreclosure new minimum wait is 7 years, possibly shortened to 3 for same reason as above.

BK you say? 4 years for chapter 7 or 11, possible 2. Chapter 13, wait now is 4 years from discharge date, may soften back to 2 as well with proven extenuating circumstances.

Previous policy wait was determined with the LTV ratios.

This should help move a few homes along.....or jump up prices with still reduced inventory.

Only time will tell!

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