If you lost your home through a short sale or deed-in-lieu of foreclosure, you may not have to wait five years before you are eligible to finance your next home.
Fannie Mae is directing its lenders to relax rules making mortgage applicants who have done short sales or given up their homes with deeds in lieu of foreclosure ineligible for a new mortgage for many years. Instead, you could be eligible for Fannie Mae financing in as few as two years. The new standards go into effect July 1st. Continue reading ‘Recent Short Sale or Deed-in-Lieu of Foreclosure? You CAN Buy Again!’
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You have your money together for a down payment. You’ve gotten preapproved by your lender. But if you have less than 20% for a down payment, you may not get your loan if you live in certain states. Because it’s not just Fannie Mae or Freddie Mac approving you for your mortgage. There will also be a mortgage insurance company involved. Continue reading ‘Are You On Restriction? It Depends on Where You Live’
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Fannie Mae will require homeownership counseling for first-time buyers without solid credit histories or strong loan applications. This is expected to lower the risk of borrowers getting into trouble and ending up in foreclosure. Now, while sub-prime borrowers don’t have to comply with Fannie Mae’s requirements, why wouldn’t you want to do something that could reduce your own risk of mortgage problems? Continue reading ‘Fannie Is Getting Smart: Listen to Her’
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