Friday, August 8, 2014

Waiting Periods After Foreclosures and Short Sales Have Changed

Changes to the waiting periods after foreclosures and short sales were announced by Fannie Mae this week.

If a foreclosure was included in a bankruptcy, then the waiting period before getting a conventional loan is now 4 years.  The former waiting period was 7 years.

Also, the waiting period after a short sale before getting a conventional loan is now 4 years.  The former waiting period was 7 years.

These changes are for conventional (non-government) loans only.  The waiting periods for FHA and VA loans remain unchanged at 2 years for a bankruptcy and 3 years for a foreclosure.

Questions about waiting periods or anything else related to mortgages?  Give us a call.

Selling our loans directly to Fannie Mae and Freddie Mac means we can get our loans approved without the additional underwriting requirements that most lenders have.  If we give you a pre-approval, the loan is going to close.

Have questions about anything related to a mortgage?  Give us a call and see why they call us The Mortgage Experts.  

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!  

Make sure you check out our web site:

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

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