Realtors,
Fannie Mae just announced that on applications taken on or after July 1, 2010 there are new guidelines with regards to the amount of time that must elapse after a prior preforeclosure sale or deed-in-lieu of foreclosure. Here is a summary:
|
Preforeclosure Event |
Current Waiting Period Requirements |
New Waiting Period Requirements |
|
Deed-in-Lieu of Foreclosure |
2 years (additional requirements apply between years 2 - 7) |
•· 2 years - 80% maximum Loan-to-Value (LTV) •· 4 years - 90% maximum LTV •· 7 years - LTV restriction eliminated and they are back to normal guides |
|
Preforeclosure Sale |
2 years |
|
|
Short Sale |
No policy currently exists specific to short sales |
There are exceptions to the waiting periods listed above for extenuating circumstances, but for the most part these are the new guides as of July 1 for Fannie Mae Conventional loans...
Don't forget to call me for those "pre-quals." There is still time...If you need to guarantee a closing for this month call me today, I would love to help.
Sincerely,
Bill Vourazeris
Monarch Mortgage
Cell: (443) 618-2880
Fax: (866) 955-9584
e-mail: bvourazeris@monarchmtg.com
http://www.monarchmtg.com/bvourazeris/
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