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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. 3 beds, 3 baths
    Home size: 1,406 sq ft
    Lot size: 7,801 sqft
  2. 5 beds, 3 baths
    Lot size: 12,827 sqft
  3. 2 beds, 2 baths
    Home size: 1,224 sq ft
    Lot size: 2,322 sqft
  4. 4 beds, 3 baths
    Home size: 2,540 sq ft
    Lot size: 10,459 sqft
  5. 5 beds, 4 baths
    Home size: 4,180 sq ft
    Lot size: 38,319 sqft
  6. 4 beds, 3 baths
    Home size: 3,948 sq ft
    Lot size: 11,159 sqft
  7. 3 beds, 2 baths
    Lot size: 1,600 sqft
  8. 3 beds, 2 baths
    Lot size: 15,002 sqft
  9. 5 beds, 6 baths
    Lot size: 2.54 ac
  10. 2 beds, 3 baths
    Home size: 1,648 sq ft
    Lot size: 1,201 sqft
  11. 1 bed, 2 baths
    Home size: 1,101 sq ft
  12. 3 beds, 2 baths
    Home size: 1,872 sq ft
    Lot size: 11,008 sqft
  13. 3 beds, 2 baths
    Lot size: 22,756 sqft
  14. 3 beds, 3 baths
    Home size: 1,547 sq ft
  15. 3 beds, 4 baths
    Home size: 2,196 sq ft
    Lot size: 1,599 sqft
  16. 3 beds, 3 baths
    Home size: 1,512 sq ft

See all *Prince William County ALL Foreclosures.
(all data current as of 6/20/2018)

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

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