BIG BIG NEWS!!!!
Today, Fannie Mae announced to their lenders that they will loosen the underwriting guidelines for borrowers who have done a deed in lieu of a foreclosure. They are going to reduce the "time in the penalty box" from 4 years to 2 years!! The borrower will have to put down a 20% down payment as well. This all happens on July 1st. This is ABSOLUTELY huge news in my opinion, as it creates a "workout" incentive to borrowers. If they keep coming up with "make sense" underwriting rules like this, we will be able to work our way out of the housing crisis sooner.
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