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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.

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