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Jacqueline Alicia Salcines

GOOD NEWS FOR BORROWERS WITH LESS THAN STELLAR CREDIT

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In the market to purchase a new property and think that your derogatory credit, foreclosure, prior short sale, bankruptcy, deed in lieu or mortgage default will prohibit you from obtaining a new loan? Think again. Fannie Mae released a report that it intends to revise the waiting period, from seven to four years for borrowers that have less than great credit. In some cases, with extenuating circumstances, the four year waiting period has been reduced to two years. Extenuating circumstances are nonrecurring events beyond the borrowers control, such as an unexpected reduction in income or sudden catastrophic event.

If a borrower has a previous foreclosure on their credit report, Fannie Mae would require, in prior years, for them to wait seven years to obtain a new Fannie Mae loan. However, under the new relaxed waiting period, with extenuating circumstances, it is now three.

For those with prior bankruptcies, the waiting period is four years, and shortened to two yeas with extenuating circumstances.

Fannie Mae is making a strong effort to help credit worthy buyers that were heavily affected in the mortgage crisis, to reenter the real estate market as homeowners, and is committed and focused to help lenders make sure they are able to allow such borrowers access to their programs.

The new relaxed policy goes into effect for applications after August 16, 2014.

Further details can be found on the Fannie Mae website or speak to your mortgage broker.

Or call or write us today, to put you in touch with our mortgage partners so that we can work together to find you the home and financing of your dreams.

The first consultation is always free.

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