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Fannie Mae Pre-Foreclosure Announcement

To support overall market stability and reinforce the importance of borrowers working with their servicers when they have difficulty repaying their debt, Fannie Mae is updating several policies regarding the future eligibility of borrowers to obtain a new mortgage loan after experiencing a preforeclosure event (preforeclosure sale, short sale, or deed-in-lieu of foreclosure). The “waiting period” – the amount of time that must elapse after the preforeclosure event – is changing and may be dependent on the LTV ratio for the transaction and whether extenuating circumstances contributed to the borrower’s financial hardship (for example, loss of employment).

Fannie Mae is changing the required waiting period for a borrower to be eligible for a mortgage loan after a preforeclosure event. The waiting period commences on the completion date of the preforeclosure event, and may vary based on the maximum allowable LTV, CLTV, and HCLTV ratios (referred to herein as LTV ratios) and occupancy of the property.

Preforeclosure Event:
Deed-in-Lieu of Foreclosure – current waiting period requirements – 4 years
Preforeclosure Sale –
current waiting period requirements – 2 years
Short Sale – current waiting period requirements – No policy currently exists specific to

New Waiting Period Requirements

  • 2 years – 80% maximum LTV ratios
  • 4 years – 90% maximum LTV ratios
  • 7 years – LTV ratios per the Eligibility Matrix

Buyers with “Pre-Foreclosure” sales can possibly re-enter the market in as little as 2 years.  Buyers with “Foreclosures” currently need to wait 7 years for conventional loans and 3 years for FHA loans.

  1. 3 beds, 2 baths
    Lot size: 23,958 sqft
  2. 6 beds, 9 baths
    Home size: 10,100 sq ft
    Lot size: 3.31 ac
  3. 5 beds, 8 baths
    Lot size: 38.00 ac

See all *Loudoun County ALL Foreclosures.
(all data current as of 8/6/2018)

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

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