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Foreclosure or Short Sale After a Chapter 7 Bankruptcy
If you are a previous homeowner who completed a Bankruptcy and included your mortgage debt in the Bankruptcy but the home did not sell via a foreclosure or short sale until 2 or 3 years later. I have great news for you with the latest Fannie Mae guideline update
Per the information below the new rules state that if your mortgage debt was included in the Bankruptcy then the waiting period is now 4 years from the Bankruptcy discharge date for Conventional Financing per Fannie Mae and Freddie Mac.
Fannie Mae made an unprecedented move to loosen up qualifying guidelines for borrowers that included mortgage debt in a bankruptcy by removing the waiting period for any foreclosure, short sale or deed in lieu of foreclosure that occurred after the mortgage debt was discharged through a bankruptcy.
The loan to value requirement will be removed; allowing borrowers to buy with as little as 5% down Conventional, however, the waiting period is now based off of the Bankruptcy discharge date and NOT the Short Sale or Foreclosure Date
This move creates consistency in Fannie Mae’s waiting period policy from to 4 years Conventional for or any default included in a bankruptcy, short sold, or transferred back to the lender ... more

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