How Long do Buyers Have to WAIT to Buy After a Foreclosure or Bankruptcy? - 06/24/10 06:27 PM
To deter any kind of a new influx of new foreclosures, Fannie Mae announced a modification to the waiting period that a borrower must wait before being eligible for a new mortgage loan with Fannie Mae loans. Currently, the waiting period that must elapse after a borrower experiences a foreclosure is seven years. However, Fannie Mae allows a shorter time period – five years – if certain additional requirements are met (e.g., minimum down payment and credit score, and occupancy requirements). These requirements are being modified to remove the five year option. Unless the foreclosure was the result of documented extenuating … (4 comments)

 
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S&B Real Estate Team

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