Shorter Waiting Periods after a Preforeclosure Event

happy home buyers

Fannie Mae is changing the required waiting period for a borrower to be eligible for a mortgage loan after a preforeclosure event. The waiting period commences on the completion date of the preforeclosure event, and may vary based on the maximum allowable Loan to Value numbers (LTV) of the property and occupancy of the property.

The following describes the waiting period policy changes for Deed-in-Lieu of Foreclosures, Preforeclosure Sales and Short Sales:
  • 2 years at 80% max LTV (with a 20% downpayment)
  • 4 years at 90% max LTV (with a 10% downpayment)
  • 7 years at LTV ratios per Eligibility Matrix
There are exceptions to the Waiting Periods for extenuating circumstances. More information...

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