Fannie May Announces Increasing The Waiting Period To Purchase After A Short Sale

LAS VEGAS - July 14, 2014 - PRLog -- Las Vegas, NV -- Fannie Mae recently announced that on August 16th, 2014, the waiting period associated with the purchase of a new home after a short sale or a deed in lieu of foreclosure is changing. The waiting period is extending to a minimum of four years.

Currently the waiting period is only two years. Right now there is a conventional loan available that allows a homeowner to purchase a new home only two years after the finalization of a short sale or foreclosure.  The buyer must provide a 20% down payment on the purchase of the new home and have had clean credit since the event.

This conventional loan option goes away after August 31^st.  Following the new four year waiting period, the new home buyers will be allowed to follow standard Fannie Mae guidelines and put as little as a 5% down payment on the purchase of a home after a short sale.

There are extenuating circumstances considered that may reduce the extensive waiting period, such as loss of job or wages. However, unless a buyer has strong documentation of this, the two-year exception cannot be counted on.

Interested buyers will need to act fast as there is a very small window of opportunity to get into a new home at the current market’s low prices and interest rate before August 16th.

It is best to seek educated advice with a licensed mortgage lender and fully qualify to see if you are ready to purchase a new home.

To get started call, 702-821-4850 or email LennarLasVegas@Lennar.com.

With hundreds of communities nationwide and homes designed for first-time move-up and luxury homebuyers, Lennar is one of the nation’s leading and most respected homebuilders. Lennar has a longstanding history of building homes of enduring quality in only the most well planned and desirable locations throughout the country.