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Post short sale qualifying

There are some important changes coming very soon to qualifying for Fannie Mae backed loans.  There are varying timelines ranging from 2 to 7 years right now if you wanted to try to qualify for a new loan after a short sale.  If you short sold a home or accepted a deed in lieu of foreclosure between 2 and 4 years ago, then you should pay close attention.   If you don't apply for a new mortgage before Aug 16, then you will end up having to wait for the 4 year mark.  So, if it has only been a couple years and you can now otherwise get qualified, you should get working on the home search and loan application, or you will have to wait a couple more years.  This chart should help explain:

Waiting Periods Under the Old Guideline  Waiting Periods Under the New Guideline
7 years from the date the deed to the property was transferred back to the servicer. 4 years from the date the deed to the property was transferred back to the servicer. No LTV/CLTV limitations.
4 years from the date the deed to the property was transferred back to the servicer. Maximum 90% LTV/CLTV.
2 years from the date the deed to the property was transferred back to the servicer. Maximum 80% LTV/CLTV. 
A 2-year waiting period up to 90% LTV/CLTV permitted if extenuating circumstances could be documented. A 2-year waiting period will be permitted if extenuating circumstances can be documented. No LTV/CLTV limitations.



If you are in this situation and would like to start your search, please contact me. I can provide you with lender contact info as well.

Adam Tarr P
Citywide Real Estate
480-236-7374 

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