Effective Tomorrow Aug 1st 2008. Fanny Mae has made some severe changes in regards to bankruptcy and or foreclosures.
Any with a chapter 7 bankruptcy now must wait 4 years. After it is discharged. This used to be 2 years.
Anyone with a chapter 13 bankruptcy now must wait 2 years after it is discharged/ dismissed. This used to be 2 years from the date you filed. .. I am told that bankruptcy of this nature can take 3-5 years to be discharged!!!
Anyone that has clamed a forclosure now musrt wait 5 years with the followinf restrictions....
A. If you intend to occupy the home [ owner occupied] you will be permitted to purchase the home with 10% down and a credit score of 680.
B You will not be Able to purchase a 2nd home or an investment property.
C. No cash out refinances . No matter if you live in the home or any other home. No way for you to cash out refinance at all....
I hope that some of this is relased in the near future. it is a tough world out there right now.
Best thing to do is PAY CLOSE ATTENTION TO YOUR CREDIT SCORE!!
Credit was a thing of the past.. Now it is back and it is getting harder to do some loans . It is very important to work hard. Pay the bills on time and try to keep the debt down.
Lets ride this wave and be smart!!!!
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