Significant derogatory events can affect a person’s credit score by 100 points or more, and conventional mortgage rates change for borrowers with generally–low scores. However, just because you qualify for a conventional mortgage via Fannie Mae doesn’t necessarily mean it’s the best loan for you. “Significant derogatory event” is defined as any one of the following which may appear on a person’s : Like Fannie Mae, it allows borrowers to apply when two years have passed since a significant derogatory event.
FANNIE MAE FORECLOSURES MAC
The group has reduced its mandatory waiting period after such an event from four years to 2 years.įreddie Mac followed suit, reducing its waiting period to 24 months. Recently, Fannie Mae changed its mortgage rules for borrowers with a recent bankruptcy, pre–foreclosure, or short sale. New Fannie Mae rules for bankruptcy, pre–foreclosure, & short sales Mortgage guidelines are loosening across all loans.įannie Mae is the most recent publisher of mortgage guidelines to help borrowers with a history of poor credit because of bankruptcy, short sale, and pre–foreclosure. This matches FHA’s lenient minimum and a major improvement for conventional mortgage borrowers nationwide. It’s getting easier to get approved for a mortgage.įollowing a similar change with loans, mortgage–backer Fannie Mae has reduced the mandatory waiting period to make a mortgage application after a bankruptcy, short sale, or pre–foreclosure.īorrowers no longer must wait 4 years before re–applying to get a mortgage.īorrowers can now re–apply for a loan just two years after a bankruptcy, short sale, or pre–foreclosure. Mandatory waiting period reduced to 2 years as of July 2014 For more information on the guideline, see the 2022 Fannie Mae Single Family Selling Guide section B3-5.3-07. The above publish date indicates the date of the last verification. The Mortgage Reports periodically re-verifies mortgage guidelines and republishes the article accordingly.
Editor's note: Fannie Mae instituted these changes in July 2014 and they are still in effect.
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