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Foreclosure waiting period updates

July 8, 2010 By Tempe Real Estate Agent 8 Comments

Fannie Mae now requires 7 years after foreclosure to obtain a new conventional loan. This new policy is to discourage Strategic Foreclosures. A shorter wait of 5 years may be possible if certain additional requirements are met. With documented “extenuating circumstances” a 3 year wait “may” be possible. FHA still allows buyers to purchase 3 years after foreclosure if the buyer meets all other FHA guidelines. At this time, there is no separate FHA policy on Strategic Foreclosures.

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Comments

  1. Kenny Hayslett | Clearwater Real Estate says:
    July 8, 2010 at 11:49 am

    Very informative post, I was not aware of it. Did this information come out today?

  2. Tempe Real Estate Agent says:
    July 8, 2010 at 11:56 am

    I believe this past week.

  3. Property Marbella says:
    July 8, 2010 at 1:22 pm

    New information, where have you found it?

  4. Laguna Beach Realtor says:
    July 13, 2010 at 11:07 am

    This is very tough for those who lost their jobs and had no solution but to foreclose on their homes. Once the economy turns around they have to wait until they can fully recover.

  5. Oklahoma City OK Homes for Sale says:
    July 30, 2010 at 4:05 am

    This is certainly not a great news for those who does not have a proper source of income and does not have much options other than home foreclosure. It is very common to see these days that short sale have increased recently and there is a decline foreclosed homes

  6. Sally@Carmel Real Estate says:
    July 31, 2010 at 7:41 am

    I have conflicting opinions about this. Who is to say one person’s circumstances were extenuating and anothers weren’t. I suppose it will be up to the underwriter to make this judgement call once families that have faced foreclosure are back on their feet and ready to purchase again. I believe one key is to educate those that have been through it once and require them to invest more of their own capital in the purchase. From what I can gather from personal information these people don’t feel as they are losing much when they foreclose on a property that they put little to nothing down on.

  7. Ohio Bankruptcy says:
    August 18, 2010 at 2:01 am

    The fundamental provision of the bill requires that most foreclosure purchasers of properties with active lease agreements must give the tenants at least 90 days notice before serving eviction notices and filing for eviction in rent court.This is certainly not a great news.

  8. Self Catering Cottages Sutherland says:
    August 24, 2010 at 6:24 am

    I think this goes to prove the saying “Don’t bite off more than you can chew”. I think half of this is to ward people off the idea of strategic foreclosures as well as ensuring first time buyers don’t tie themselves with more than they can afford.

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