Thursday, September 11, 2014

Mortgage Giant Opens Door for Earlier Return of Ex-Home Owners

Mortgage Giant Opens Door for Earlier Return of Ex-Home Owners







To be eligible for a new mortgage loan, Fannie requires formerly distressed borrowers to show they’ve reestablished their credit after a foreclosure, bankruptcy, preforeclosure sale, or deed-in-lieu. The standard waiting period was two years with a maximum 80 percent loan-to-value ratio and four years with a maximum 90% LTV. Standard eligibility, however, is seven years. In some cases, such as extenuating circumstances where borrowers had a prolonged reduction in income that was beyond their control, they may only have to wait two years with a maximum 90% LTV to get a new mortgage again.  
Under the new policy, Fannie has removed the LTV requirements. All loans with application dates on or after Aug. 16 now will have a standard waiting period of four years, and only two years under extenuating circumstance
http://realtormag.realtor.org/daily-news/2014/09/10/mortgage-giant-opens-door-for-earlier-return-ex-home-owners#sf4579453
Joel Lobb
Senior  Loan Officer
(NMLS#57916)

A

 phone: (502) 905-3708
 Fax:     (502) 327-9119

 Company ID #1364 | MB73346