If you are a previous homeowner who completed a Chapter 7 Bankruptcy and included your mortgage debt in the BK 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 was included in the BK then the waiting period for a new conventional loan is now 4 years – it is now 2 years for FHA which is the waiting period for a mortgage after a Bankruptcy
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.
Desktop Underwriter (DU) will be modified to remove the ability to buy again 2 years after a short sale or deed in lieu of foreclosure if you have a 20% down payment and a minimum 680 credit score.
The loan to value requirement will be removed; allowing borrowers to buy with as little as 5% down, however, the waiting period is extended from 2 years to 4 years.
This move creates consistency in Fannie Mae’s waiting period policy to 4 years across the board for any default included in a bankruptcy, short sold, or transferred back to the lender through a deed in lieu of foreclosure.
If this mortgage scenario fits your requirements and needs please feel free to contact me at any time to complete a mortgage loan prequalification. Stop waiting and get out there shopping for your new home
Please click on my personal website for more information http://www.mortgagestampa.org or contact me @ 813-489-5689 for more information or to assist you in getting started on your home purchase.
Jason R Hands
Bay to Bay Lending, LLC
501 S Dakota Avenue, Suite 2
Tampa, FL 33606
813-489-5689 - Direct
813-385-1109 - Mobile
866-216-6322 - Fax
www.mortgagestampa.org
NMLS Originator ID: 214834 FL # LO562
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