If you have gone through a short sale or foreclosure within the last few year there are changes coming that could impact your ability to purchase a new home.
Fannie Mae recently announced that the waiting period to finance a home after a short sale or pre-foreclosure sale is changing on August 16, 2014.
Under the old guidelines you could purchase a new home in as little as two years after a short sale. After August 16, 2014, you will have to wait 4 years after a short sale or Deed in Lieu of Foreclosure. This does not mean that you will have to close escrow by August 16th, but rather you must be under contract and have a completed a loan application.
Options If You Had A Short Sale or Foreclosure
If you are looking to purchase a home soon and this applies to you, please call me ASAP and I will help you through the process. I have great lenders I work with that are experienced and knowledgeable to make sure you are able to get into your new home!
Let us help you with determining your options to see if you can get into a new home!
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