“Buy Again” Questions Answered

The group has reduced its mandatory waiting period after such an event from four years to 2 years. Freddie Mac followed suit, reducing its waiting period to 24 months. Like Fannie Mae, it allows borrowers to apply when two years have passed since a significant derogatory event. FHA mortgage rates are typically lower than comparable conforming rates — especially for credit scores below Any mortgage lender can help you decide which loan program best suits your needs. Explore all available options — you never know how much you might save.

Fannie Mae has reduced its mandatory waiting period after a pre-foreclosure, short sale, or bankruptcy. Prior to the change, Fannie Mae required borrowers to wait four years after a significant derogatory credit event before re-applying for a home loan. Other investors such as Bank of America and Wells Fargo do not force the seller into default and will grant a short sale when a seller is current.

I have experience working on Fannie Mae short sales in Sacramento. Here is a sample transaction.

Bank of America approved a short sale in early and sent the package to Fannie Mae for review. Fannie Mae then rejected the short sale because the seller was still making the mortgage payment. So, the following month, the seller decided to not make a payment. Sixty days later, Fannie Mae approved the short sale. Unfortunately, the answer appears to be no.


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Once a notice of default has been filed, Fannie Mae has said it will not stop the foreclosure process while it is considering a short sale. If the short sale cannot be finalized prior to the auction date, Fannie Mae will foreclose -- even if the reason the short sale is not approved is due to delays at Fannie Mae. Isn't this exasperating news? Do you know if this is possible? Hi Liz, thank you for your question!

For FHA, the waiting period is only 2 years from the discharge. If you had a foreclosure, short sale or deed in lieu, the wait is 3 years. As far as getting a conditional approval, an experienced loan officer can do this! I have a loan officer friend in Florida that could do this. If you would like a second opinion, or an introduction, shoot me an email to scott findmywayhome. Hi there! My ex wife was awarded the home loan in my name in the divorce. The judge never even addressed her having to pay for it.

After months of her living in the home for free I made the difficult decision to let the home go. Long story short she never made a single payment and the home eventually foreclosed. The deed transferred back to the mortgage in oct What are your thoughts as to when I would be able to qualify?

Building Good Credit

Such a horrible position. The court forced me to ruin my credit. SHe got physical possession of the house and van yet the payment was never even addressed. The waiting period after a foreclosure is 3 years for FHA financing, and 7 years for conventional financing, unless you filed bankruptcy prior to the foreclosure. I have been discharged in oct ch.


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The house was included in the discharged. How long do we have to wait to apply for a loan? Are you still living in the home?

Fannie, Freddie announce holiday suspension of foreclosure evictions

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Fannie Mae Guidelines for Short Sales

Empower Others: Like this: Like Loading About Your Expert. Scott Schang As a 19 year veteran of the Mortgage and Real Estate industry, I am passionate about educating and empowering consumers. I have been writing about consumer protection issues, and making sense of complicated real estate and mortgage topics on this website since Leave a Question or Comment About this Topic.