For those who are lacking enough money down, the FHA Back to Work Program is ideal. Another thing to think about is how much money you have to put down on the loan. Now, potential buyers can apply for a loan in half the time. With Fannie Mae reducing its guidelines and essentially cutting them in half, more individuals can go about applying for a mortgage and stepping into homeownership far quicker. Now, you could end up getting the loan you desire in just a couple of years, provided you do everything right. Just because you went through a foreclosure, that doesn’t mean you will have to wait years. In fact, you might be pleasantly surprised at how much different the lending guidelines are today in comparison to what they once were with lenders like Fannie Mae. It used to be that once you had a foreclosure on your record, you were going to have to wait it out for quite some time to be able to get another home loan. With so many consequences of a foreclosure, it leaves many wondering what they are going to do to recover and get things going in the right direction. Loss of relocation assistance that might have been available to you had you moved on your own.It could leave you with a deficiency, meaning you are stuck paying money to the mortgage company after they sell the home.– This could make it even more challenging to end up getting into a new home, obtain credit or even land the job of your dreams. Stress and having to face the uncertainty of not having a place to live.You could be Evicted from the property. Not only do you sacrifice your home, but you end up losing all of the equity that you once had built up in the property.If you do end up going through a foreclosure, it could cost you far more than you realize. Fannie Mae is working to help those with a history of poor credit get the loan they want in the shortest amount of time possible. That’s just a year longer than what the FHA minimum is, but it is a significant improvement from the previous four-year wait.Īnother thing to consider is that the mortgage guidelines are also loosening and allowing more individuals to have the chance to get approved for a mortgage. You can now apply just two years after filing for bankruptcy or going through a short sale. Fannie Mae guidelines on getting a Mortgage loan after foreclosure have reduced the amount of time it takes to get approved for a loan through them. In fact, it is now easier than ever before to get the mortgage of your dreams. Lori Ballen, the owner of this website, benefits from purchases made through her affiliate links.įederal Housing Administration, Top Ten Facts about FHA LoansIt used to be that you had to wait four years after going through a bankruptcy or short sale before you could attempt to get approved for a mortgage, but that isn’t the case any longer.

Fannie mae foreclosures guidelines