Changes to the waiting periods after foreclosures and short sales were announced by Fannie Mae this week.
If a foreclosure was included in a bankruptcy, then the waiting period before getting a conventional loan is now 4 years. The former waiting period was 7 years.
Also, the waiting period after a short sale before getting a conventional loan is now 4 years. The former waiting period was 7 years.
These changes are for conventional (non-government) loans only. The waiting periods for FHA and VA loans remain unchanged at 2 years for a bankruptcy and 3 years for a foreclosure.
Questions about waiting periods or anything else related to mortgages? Give us a call.
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