Real estate blog entries tagged with fannie mae by Shane Milne (First National Bank of Layton)

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Home : Blogs : Shane Milne : Shane Milne's Blog : Tag "fannie mae"

fannie mae: 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)

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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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