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Fannie May Announces Increasing The Waiting Period To Purchase After A Short Sale
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 31st. 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@
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.