IMPORTANT READING: Imperative Information Regarding Short Sales

Please see below on the new guidelines starting with FNMA in August. Borrowers with Short Sales will no longer be eligible until FOUR years regardless of loan to value. Here is the new bulletin:

New Fannie Mae Waiting period for borrowers who have had a previous short sale effective: Saturday August 16, 2014

Effective with applications completed and pre-approved prior to August 16th, the new requirement and waiting period for a borrower with a previous short sale to purchase or refinance will be increased to four (4) years regardless of the LTV. Current guidelines allow borrowers with a previous short sale to purchase or refinance within two (2) years of a short sale. The waiting period is measured as four or more years from when the new loan closes. Some exceptions may be considered for a two-year waiting period for extenuating circumstances but most cases will require the standardized four years.

This new requirement will be effective Saturday, August 16 2014.
Please find the link to the Fannie Mae announcement here: https://www.fanniemae.com/content/release_notes/du-do-release-notes-08162014.pdf

Please note that FHA only requires 3 years which is good news. We also have a portfolio investor who will, with extenuating circumstances, look at short sales after 12 months. The rate is of course higher on that type of loan.

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