Fannie Mae Guidelines On Conventional Loans After Foreclosure mandate borrowers pass the mandatory waiting period. Waiting period of 7 years from the date of the sheriff’s sale and/or the date the deed of the property was transferred out of the homeowner’s name are Conforming Guidelines.
If you can prove all of this, Fannie Mae allows for a 2-year waiting period as opposed to its standard 4-year period after a bankruptcy, foreclosure, or short sale. Our lenders are available to help you The Ins and Outs of the Extenuating Circumstances Program. There are some obvious benefits of the Extenuating Circumstances Program:
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It doesn’t mean you’ll never be able to buy again if you’ve lost your home through a short sale, foreclosure, bankruptcy, or a deed-in-lieu of foreclosure. You will have to undergo a waiting period first, however, to qualify for a conventional loan from a reputable lender.
There is an interesting guideline with a conventional Fannie Mae mortgage, where the waiting period to obtain new home financing is based on the bankruptcy discharge date, NOT the foreclosure date when mortgage is included in bankruptcy.
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You can get a conventional loan after a foreclosure after a short time.. still possible to get a conventional loan and you may not have to wait as.
Fannie Mae Cuts Conventional Loan Waiting Period After Bankruptcy. Under the new guidelines, borrowers are no longer required to wait a minimum of four years or longer after an adverse event to be be eligible to apply for a new conventional loan. In many cases, the waiting period has been reduced to just two years.
The waiting period after a foreclosure is 3 years for FHA financing, and 7 years for conventional financing, unless you filed bankruptcy prior to the foreclosure. Did you file bankruptcy prior to the foreclosure?
· This topic describes the amount of time that must elapse (the “waiting period”) after a significant derogatory credit event before the borrower is eligible for a new loan salable to Fannie Mae. The waiting period commences on the completion, discharge, or dismissal date (as applicable) of the derogatory credit event and ends on the disbursement date of the new loan for manually underwritten loans.
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