Retail Buyers with Foreclosures on Credit Back in the Game Sooner
In an effort to help foreclosed homeowners secure a new mortgage, Fannie Mae has shortened the waiting period from 4 years to 2 years for borrowers with a 20 percent down payment. Borrowers with a 10 percent down payment will still be required to wait 4 years, unless they can prove that the foreclosure was due to an extenuating circumstance such as death, divorce or job loss.
Borrowers who can offer documented proof of the circumstances that led to their home foreclosure may be approved for a mortgage in 2 years with only a 10 percent down payment.
Another option for foreclosed homeowners is FHA loans.
Regardless of circumstances, homebuyers must wait 3 years from the date of their foreclosure before applying for an FHA-insured mortgage. Proof of timely bill-paying since the foreclosure is crucial.
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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
In an effort to help foreclosed homeowners secure a new mortgage, Fannie Mae has shortened the waiting period from 4 years to 2 years for borrowers with a 20 percent down payment. Borrowers with a 10 percent down payment will still be required to wait 4 years, unless they can prove that the foreclosure was due to an extenuating circumstance such as death, divorce or job loss.
Borrowers who can offer documented proof of the circumstances that led to their home foreclosure may be approved for a mortgage in 2 years with only a 10 percent down payment.
Another option for foreclosed homeowners is FHA loans.
Regardless of circumstances, homebuyers must wait 3 years from the date of their foreclosure before applying for an FHA-insured mortgage. Proof of timely bill-paying since the foreclosure is crucial.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125