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New Guidelines for Borrowers with Short Sales, Foreclosures, and Deed-in-Lieu

Freddie Mac and Fannie Mae have adjusted their guidelines for borrowers who have a Short Sale, Foreclosure, or Deed-in-Lieu of Fannie MaeForeclosure.

Waiting period and allowable financing are now the same for all of these

  • 2 years – but less then 4 years: Max 80% financing
  • 2 Years with Extenuating Circumstances: Max 90% Financing
  • 4 years – but less then 7 years: Max 90% financing
  • 7 Years: Standard program guidelines

Credit must have been re-established – per the following criteria

  • Minimum 3 Credit References – active for 24 months
  • All accounts must be current
  • No more then two 30 day lates in last 24 months
  • No 60 day lates on installment or revolving credit since occurrence (of the Short Sale, Foreclosure or Deed-in-Lieu)
  • No past due housing payment since occurrence
  • No new public records
  • Credit score must meet standard program guidelines for the percent financed
  • Must evidence minimal use of revolving credit (i.e., balances should not typically be > 50% of the limits)
  • Loan must pass Automated Underwriting (Fannie Mae Desktop Underwriter)

FHA still requires a minimum 3 year waiting period

For people who went through Short Sales or Foreclosures in 2007 or early 2008 – the 2 year minimum wait period is over.

  1. 4 beds, 3 baths
    Home size: 3,696 sq ft
    Lot size: 16,670 sqft
  2. 3 beds, 2 baths
    Lot size: 1,530 sqft
  3. 3 beds, 4 baths
    Home size: 2,466 sq ft
    Lot size: 1,599 sqft
  4. 4 beds, 6 baths
    Lot size: 1.00 ac
  5. 4 beds, 2 baths
    Lot size: 9,326 sqft
  6. 4 beds, 3 baths
    Home size: 2,530 sq ft
    Lot size: 19,998 sqft
  7. 2 beds, 4 baths
    Home size: 949 sq ft
  8. 3 beds, 3 baths
    Lot size: 2,399 sqft
  9. 4 beds, 3 baths
    Home size: 3,330 sq ft
    Lot size: 20,112 sqft
  10. 5 beds, 4 baths
    Home size: 3,753 sq ft
    Lot size: 9,495 sqft
  11. 5 beds, 6 baths
    Home size: 5,970 sq ft
    Lot size: 10.01 ac
  12. 4 beds, 2 baths
    Lot size: 8,498 sqft
  13. 3 beds, 3 baths
    Lot size: 3.53 ac
  14. 3 beds, 2 baths
    Home size: 2,168 sq ft
    Lot size: 2,560 sqft
  15. 3 beds, 4 baths
    Home size: 1,963 sq ft
    Lot size: 1,599 sqft
  16. 4 beds, 3 baths
    Lot size: 5.00 ac
  17. 3 beds, 2 baths
    Lot size: 1.00 ac
  18. 3 beds, 4 baths
    Lot size: 1,464 sqft
  19. 4 beds, 3 baths
    Home size: 4,030 sq ft
    Lot size: 10,257 sqft
  20. 4 beds, 3 baths
    Lot size: 10,219 sqft
  21. 3 beds, 3 baths
    Lot size: 831 sqft
  22. 5 beds, 4 baths
    Home size: 2,508 sq ft
    Lot size: 1,759 sqft
  23. 4 beds, 6 baths
    Home size: 5,574 sq ft
    Lot size: 9,805 sqft
  24. 5 beds, 4 baths
    Home size: 4,194 sq ft
    Lot size: 10,000 sqft
  25. 3 beds, 3 baths
    Home size: 3,907 sq ft
    Lot size: 5.16 ac

See all *Prince William County ALL Foreclosures.
(all data current as of 7/17/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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