Requirement Changes from Fannie Mae

By admin • April 19th, 2010

Requirement Changes from Fannie Mae

More news from Fannie Mae suggests that there will be new requirements for homeowners who have experienced a pre-foreclosure event, including a pre-foreclosure sale, short sale, or deed-in-lieu of foreclosure.

One of the changes includes a new amount of time that must elapse after a pre-foreclosure event to the time that a borrower can obtain a new mortgage loan owned or guaranteed by Fannie Mae. All circumstances such as loss of employment, loan to value ratio or any financial hardship will be considered for the waiting period. Derogatory credit will also be a factor, as Fannie Mae will impose new requirements on borrowers to re-establish their credit!

Please keep in mind that this does not apply to loans with Freddie Mac or the Federal Housing Association (FHA).

At CTRAgents.com our LDS agents are always keeping our homeowners and homebuyers updated on the latest happenings in the real estate business!

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December 6, 2009