“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 www.MortgageCurrentcy.com
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.