years: What to Know about Your Short Sale and Getting a Conventional Loan - 12/03/13 11:23 PM
 
If you have had a short sale with your home in the past, it is important to know your options when getting a new mortgage.  For a conventional loan the minimum time line from when your Short Sale was finalized is 2yrs.  But here are the specifics to know:
 
1.      If your down payment is 20% or more, you must be 2yrs removed from your short sale.
 
2.      If your down payment is 19%-10%, you must be 4yrs removed from your short sale
 
3.      For less than a 10% down payment, you must be 7yrs removed from … (0 comments)

years: MAJOR ANNOUCEMENT: Conventional loans now need 7yrs from a Finished Foreclosure to get Approved - 01/11/12 07:37 AM
In a recent move, Fannie Mae and Freddie Mac changed their guidelines in regards to foreclosure history.  Now on all conventional loans no matter the loan to value or down payment amount, the borrower must be 7 years removed from a foreclosure.  This changed from the 4yrs that were needed based on a 20% down payment and longer time periods needed for lower down payments.  This does not affect FHA loans, luckily.  As they only require 3yrs removed from a foreclosure. 
Keep in mind this can affect clients who had a short sale transaction in their past.  As many short … (0 comments)

 
David Krichmar, DaveYourMortgageGuy.com (www.DaveYourMortgageGuy.com - Legend Lending) Rainmaker large

David Krichmar

DaveYourMortgageGuy.com

Sugar Land, TX

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