Fannie Mae is getting tougher with Buyers who have past Foreclosures and want a new Mortgage. A MUST READ

Mortgage and Lending with - Legend Lending NMLS #293883

Fannie Mae has recently changed their guidelines for someone with a past foreclosure, short sale or pre-foreclosure.  In short, if your buyer(s) had a foreclosure, sold the home before foreclosure and the process had started or a short sale this affects them. Here are the changes:


  1. If your buyer had a foreclosure 2-4 years ago they are limited to a 80% ltv(20% down payment
  2. If they had a foreclosure 4-7 years ago they are limited to 90% (10% down payment)
  3. If the foreclosure was over 7 years ago then they qualify for the max financing


Please keep in mind these guidelines are just for Fannie Mae loans, NOT FHA or FREDDIE MAC.  But this recent change does show that the investors(and govt) are becoming tighter on buyers with past foreclosures(short sales etc).  Please call me with any questions. 

Posted by





David Krichmar 

Mortgage Banker NMLS#293883 

Legend Home Lending

LLC NMLS #229421

Has Written For Realtor Magazine, Houston Agent Magazine, Scotsman Mortgage Guide

Appeared On Fox Business


Named 5 Star Mortgage Professional 2013, 2014, 2015, 2016, 2017

Named Top Mortgage Professional 2010,2011


For More Mortgage Info Follow me at  Dave's Blog


If you are looking for a FHA, VA, USDA, Homepath, Conventional, Jumbo, Construction, FHA 203k mortgage in Fort Bend County, Sugar Land, Houston, Katy, Harris County, Brazoria County, Pearland, Richmond, Bellaire, West University, The Woodlands, Kingwood, Friendswood, Clear Lake, Galveston, Fulshear, Tomball, Spring, Conroe, Montgomery County or anywhere in Texas I am your GUY!  


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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Stephen Kendrick 04/25/2010 11:44 AM
ActiveRain Community
freddie mac
fannie mae
fort bend
short sale

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