Fannie Mae Policy Changes

***Attention*** 

Fannie Mae released the following policy changes effective August 1^st:

Bankruptcy Policy:

Chapter 7:      4 years from the date of discharge or dismissal  

Chapter 13:    2 years from the date of discharge or 4 years from dismissal date  

Foreclosure:   5 years from the date of completion (sale date). In addition, for up to 7 years after sale date, a minimum up 10% down and a minimum FICO of 680 required to purchase a principal residence. Purchase of a second home or investor property is not allowed.