for those of you who thought you might not qualify for a home here is some information that you might find helpful. If you or someone you know might be wanting to buy but didnt think they would qualify there might be a new home waiting for you/them in 2015! Fannie Maes new guidelines will open doors for loans if you have had the following: Foreclosures: May be considered at 3 years with documentation of extenuating circumstances (job loss, reduction of income, medical, divorce) leading to the event. OO purchase; r/t for all occupancy types. Max ltv of 90 (or max for program, whichever is less). Standard waiting period remains at 7 years. Mortgages included in Bankruptcy: If the mortgage debt was discharged through bankruptcy, even if FC action was taken to reclaim the property, the borrower may use the waiting period for bankruptcy (i.e. 4 yrs for a CH 7). Old waiting period was 7 years, new waiting period is FOUR YEARS. Short Sale/Deed in Lieu waiting periods for apps dated on or after 8/16/14: 4 yrs without LTV restriction. 2 yrs with documentation of extenuating circumstances (job loss, reduction of income, medical, divorce) leading to the event. Short Sales/Deed in Lieu reporting erroneously as a foreclosure may be corrected within DO/DU. Instructions to do so may be found in the findings.
Posted on: Tue, 09 Dec 2014 14:53:59 +0000
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