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JUST RELEASED NEWS PRESS: Fannie Mae Changes Mortgage Eligibility After Short Sale and Deed in Lieu
While all lenders have different eligibility requirements, most lenders current guidelines fall within a 2 to 5 year waiting period after a short sale or deed in lieu of foreclosure. Fannie Mae continues to be one of the largest mortgage holders and has up until now provided borrowers with mortgage eligibility two years after a short sale. As of August 16,2014, this will change. For all loan applications taken on or after August 16, 2014, Fannie Mae will impose a FOUR year waiting period after a short sale or deed in lieu and a SEVEN year waiting period for a foreclosure sale. For specifics, please visit: Fanniemae.com/content/release_notes?du-do-release-notes-08162014.pdf