Thursday, April 15, 2010

New Rules for Short Sales

Fannie Mae has just announced new waiting periods for people who have sold a house in a short sale and want to buy a new house.

The new waiting period is 2 years if the borrower has a 20% down payment, 4 years if they have a 10% down payment, and 7 years if they only have the minimum down payment allowed for a particular loan program. The minimum is usually 5%.

The new rules take effect in June for loans that are run through Fannie Mae's online underwriting system, and in July for loans that are manually underwritten.

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