How Long After A Short Sale Or Foreclosure Before I Can Buy A House?
April 21, 2010 by Kristin LaVanway · Leave a Comment
Fannie Mae publishes new guidelines for home purchases after short sale or foreclosure
The new Fannie Mae guidelines defining the waiting period required for a home buyer after a short sale or foreclosure are probably just the first of many tweaks to the guidelines that govern the mortgage industry. The new guidelines clearly define how long a homebuyer must wait, and how much they must provide as a down payment after one of these events has occurred.
The new guidelines give a clear indication that policies will be shifted to support the re-entry of homebuyers into the real estate market after losing their him. This is an important step in insuring a large enough pool of homebuyers to maintain market activity. The entire Fannie Mae Selling Guide will be released on Aril 30, 2010.
It is no surprise that larger down payments will be required. so if you are losing your, start saving up for the new home in 2 years or so.
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I am a Realtor in Gilbert, AZ, working with clients throughout the Phoenix Metro area. I am lucky to love what I do and appreciate the difference I can make in people's lives.
In a previous life, I was a rocket scientist - really! - but decided to step away from corporate America to be a Mom to my four boys. Found it hard to do bake sales, so I ran a small independent programming business instead.
Flash forward...I am now a single mom and I face many, many challenges everyday. I am living through the hardships that many are facing in this economy. These experiences have motivated me to help other people in my shoes.
I have teamed up with Dean Ouellette to form the East Valley Team - the best darn team in the Valley. Check out our site at http://www.EastValleyTeam.com. I spend way too much time on YouTube - check ou tmy channel at http://www.youtube.com/klavanway
