- #Accepted payment on fannie mae foreclosures free#
- #Accepted payment on fannie mae foreclosures mac#
2-year wait if the borrower puts 20% or more down. 3-year wait if in default at closing of short sale. 3-year wait if borrower can show extenuating circumstances. 5-year wait from the completed foreclosure sale date. 7-year wait for a second home, investment opportunity, or cash-out refinancing. 3-year wait if borrower can show extenuating circumstances (additional underwriting requirements apply for 4 years after 3-year waiting period). 7-year wait from the completed foreclosure sale date. Understand what “extenuating circumstances” means in each case:įHA: An event that was out of the borrower’s control that made a significant impact on the borrower’s finances and led to bankruptcy or foreclosure.įannie Mae: A nonrecurring event that’s beyond the borrower’s control that results in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations.įreddie Mac: A nonrecurring or isolated circumstance, or set of circumstances, that was beyond the borrower's control and that significantly reduced income and/or increased expenses and rendered the borrower unable to repay obligations as agreed, resulting in significant adverse or derogatory credit information. You can also call 1-888-995-HOPE for help from the Homeownership Preservation Foundation. For HUD-approved counselors, go to HUD.gov. Look to professionals, such as a bankruptcy lawyer and a CPA specializing in bankruptcy provisions, before making major financial decisions. This chart offers summaries of what can be complex rules and regulations. Related: Facing Foreclosure: What to Do Right Now Popular Reads 
Some lenders may have more stringent policies and others, willing to take greater risks, may work outside these entities and offer more liberal lending policies.
#Accepted payment on fannie mae foreclosures mac#
Although for the most part banks make loans to whomever they want, they’ll likely find themselves following FHA, Fannie Mae, or Freddie Mac guidelines at a minimum in order to keep working with these useful partners. One of these entities may have made your loan possible without you even knowing it.
#Accepted payment on fannie mae foreclosures free#
Although FHA, Fannie Mae, and Freddie Mac aren’t direct lenders, they wield a lot of behind-the-scenes influence by working with banks to guarantee loans and help lenders free up capital to provide more mortgages. The chart below outlines the criteria that government entities FHA, Fannie Mae, and Freddie Mac follow for major credit-busting events, including foreclosure.
Government Entities Set Guidelines for Credit Events Foreclosures, deeds in lieu, short sales, bankruptcies - they can damage your credit for a long time.īut by following guidelines from the FHA, Fannie Mae, or Freddie Mac, you can become a homeowner again if you work to rebuild your credit and have a little patience.
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