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conforming: Fannie Mae announces new foreclosure guidelines: 7 years - 06/23/10 07:59 PM
The former policy was that 5 years was acceptable if certain requirements were met (down payment, occupancy), however today Fannie Mae announced that someone with a prior foreclosure will need to wait 7 years in order to obtain new financing with a Fannie Mae conventional/conforming mortgage.  The exception is if someone had extenuating circumstances that can be documented, then just a 3 year waiting period is required.  This does not apply to FHA or VA loans where the Fannie Mae underwriting system is being utilized, it only applies to Fannie Mae conventional/conforming loan programs.  Conforming loan programs have more stringent requirements than FHA, … (4 comments)

conforming: Conforming Loan Limit in 2009 to remain at $417k, higher in some areas - 11/07/08 03:12 PM
CONFORMING LOAN LIMIT FOR U.S.
TO REMAIN $417,000 IN 2009;
DIFFERENT LIMITS IN SOME AREAS
WASHINGTON, DC
- The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit will remain $417,000 for 2009 for most areas in the U.S. but specified higher limits in certain cities and counties. The conforming loan limit is the maximum size of loans that Fannie Mae and Freddie Mac can purchase in 2009.

According to provisions of the Housing and Economic Recovery Act of 2008 (HERA), the national loan limit is set based on changes in average home prices over the previous … (1 comments)

 
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Shane Milne

Laguna Niguel, CA

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First National Bank of Layton

Address: 24452 Sunshine Dr, Laguna Niguel, CA, 92677

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