Fannie Updates Qualifying Rules -Pre-Foreclosure

“Put your money where you mouth is”–is basically the new rule for people who have had a short sale or deed-in-lieu in their past.  In fact, this is the first time Fannie addressed “short sales” and how they will treat them.  So, here’s the skinny:

2 year waiting period and 20% down payments OR

4 year waiting period and 10% down payment OR

7 year waiting period and 5% down payment.

They also defined “extenuating circumstances” and said if people fall under this category,  it’s 2 years and 10% down payment.  more info

Credit scores still have to meet minumum.

Hook up with a credit repair company. Get the word out to real estate agents, past clients, friends & family.  Mortgage Talking Points flyer you can download for subscribers.