If you have been through a Sacramento short sale for your home or investment property... You only have to wait 2 years before you can buy again!
Fannie Mae has reduced the time a borrower needs to wait before they can buy again. Previously, guidelines required a Sacramento home buyer to wait 4 years before they could buy a home again after a short sale or a deed-in-lieu of foreclosure.
In July some troubled borrowers who give up their homes by voluntarily transferring ownership through a "deed in lieu of foreclosure" or by completing a short sale, where a home is sold for less than the amount owed, will be eligible in two years to apply for a new mortgage backed by Fannie.
Now you are going to have to come to the table with more money down (see below) but at least you can qualify for a home again...sooner!
Short sales/Deed-in-lieu of foreclosure
- 4 year waiting period reduced from 4 years to 2 years!
- Borrowers need to put down 20% on their next purchase.
- If time period has been 4 years, borrowers can put down 10%.
- Ask your lender about exceptions you may qualify for to reduce your down payment to 10% quicker!
Keep in mind that you still have to qualify for the standard guidelines... Be prepared for lender overlays on this one. The announcement from Fannie Mae stated that lenders would have to show that the borrower is now credit worthy... so I suspect there will be many lenders who will add their own guidelines on top of Fannie Mae's.
If you have read my Sacramento Real Estate blog you know I have been on my soap box plenty about this topic. I knew at some point lenders would realize that they need to relax their guidelines so more folks could get back into homeownership!
I'm here to help! Call me!
My job is to get you the best deal I can and help you navigate through our complex Sacramento Real Estate Market. My team works directly with many banks to sell their foreclosed homes... so I HAVE A LIST OF HOMES NOT YET ON THE MARKET! Interested in Sacramento HUD homes? Check out my other blog I write dedicated to Sacramento HUD Homes for sale!
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