A pre-foreclosure; A short sale; A deed-in-lieu of foreclosure. For a Fannie Mae loan, "extenuating circumstances" are situations which (1).
Getting a Conventional Loan After a Short Sale You can get a new conventional mortgage backed by Fannie Mae or Freddie Mac after a short sale, as long as they meet the agency’s specific requirements. For Freddie Mac loans, the mortgage must be for a primary residence with a maximum loan-to-value of 90%.
Short sales (Fannie describes as pre-foreclosure sale), deed in lieu of foreclosure, or mortgage charge-off are treated the same. Each requires a 4 year waiting period, unless the reason was an extenuating circumstance. If documentation proves an extenuating circumstance, then the waiting period is only 2 years.
· Fannie Mae & Freddie Mac have released new short sale waiting periods for conventional purchases & refinances. The topics we will be discussing within this article are FNMA Short Sale, Mortgage Charge Off & Deed-in-lieu of foreclosure. What are the current seasoning periods for short sales under conventional loan programs?
Unconventional Mortgage Loan Non-Conventional loans, sometimes called unconventional, are often recommended for individuals with a lower income, bankruptcy, or insufficient cash resources. Non-conventional loans are also good loan options for specific groups, like active military or veterans.
Fortunately, the opportunity to purchase a home again after a short sale is becoming much easier. fannie mae recently reduced the waiting period from 4 years to 2 years for significant derogatory events, such as a short sale. If 2 years has already passed since your short sale (or if you intend to wait until after the 2 year waiting period), below is a list of excellent conventional mortgage lenders to consider for your home loan.
30 Yr Conforming Fixed Loan This secondary mortgage market activity frees up funds so that mortgage lenders can make more loans. The 2014 conforming loan limit was $417,000 for a single-family home in the continental U.S. Fixed-Rate Loan Features. A fixed-rate loan provides the most stable monthly payment because the interest rate stays the same for the life of the loan.
Most lenders tend to follow Fannie Mae’s guidelines for post-short sale mortgages. Other lenders may shorten the post-short sale waiting period, provided that you make a larger down payment-sometimes 25% or more-and agree to a higher interest rate. You’ll also need to have good credit.
Conventional loans will follow Fannie Mae guidelines.. must have a satisfactory credit history since the foreclosure/deed in lieu/ or short sale.. However, exceptions will be considered after 7 years from the date of the prior.
Fannie mae wins lawsuit Over Foreclosure Misreporting | Nolo – Waiting Period Before You Can Get a New Mortgage After a Foreclosure or Short Sale. Under Fannie Mae guidelines, you have to wait a specific amount of time-and show that you’ve re-established good credit-before you can get another conventional mortgage loan following a.
Fnma Loan Limits 2016 2016 conforming loan limits are set at $417,000 for single-family homes nationwide, indicating no change in loan limits from the year prior. mortgage loan limits have been set at $417,000 for 1.