If you are a previous homeowner who completed a Chapter 7 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 and the waiting period for an FHA loan is now 2 years from the Bankruptcy discharge date.
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 & 3.5% FHA, however, the waiting period is now based off of the Bankruptcy discharge date and NOT the Short Sale or Froelcosure Date
This move creates consistency in Fannie Mae’s waiting period policy from 2 years FHA to 4 years Conventional for or any default included in a bankruptcy, short sold, or transferred back to the lender through a deed in lieu of foreclosure or a foreclosue.
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 @ 813-517-0799 for more information or to assist you in getting started on your home purchase.
Jason R Hands
E Mortgage Management
13053 W Linebaugh Avenue, Suite 102
Tampa, FL 33626
813-517-0799 - Direct
813-385-1109 - Mobile
813-377-2905 - EFax
NMLS Originator ID: 214834 FL # LO562