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Fannie Mae shortens their post foreclosure waiting period

Fannie Mae announced this month that they are modifying the guidelines to obtaining a Conventional loan significant derogatory credit event, such as a foreclosure, preforeclosure sale (commonly known as a short sale), or deed-in-lieu (DIL) of foreclosure.

The new policy is for loan applications taken after August 16, 2014.

Previously, two (2) years after a preforeclosure sale, deed-in-lieu of foreclosure or the charge-off a mortgage account a borrower would be eligible for up to 80% financing. After four (4) years 90%. After seven (7) years 95%. With extenuating circumstances (such as a loss of job) a borrower would be eligible for 90% financing after just two years.

The new guidelines state that a borrower is eligible for 95% financing after four (4) years and two (2) years with extenuating circumstances. So they restore full loan-to-value eligibility after 4 years instead of 7.

This should help a lot of hopeful home buyers as we continue to come-out of the recession.

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Some areas in Salt Lake County seeing are property value increases

According to the Utah Realtors Association some areas in Utah are seeing home values increase. Here are the gainers in the third quarter 2011 report. Increase are compared to the same period in 2010:

Riverton 84065 +6.2%
West Jordan 84088 +4.7%
Herriman 84096 0.0%
Salt Lake City 84103 +19.1%
Salt Lake City 84105 +1.4%
Salt Lake City 84108 +1.5%
Salt Lake City 84115 +7.7%

Hopefully your home is in one of these zip codes.

Cory Ure
Medallion Mortgage Company
448 E 6400 S, Suite 100
Murray, UT 84107
(801) 971-7916

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Fannie Mae relaxes waiting period requirements after a pre-foreclosure event

Half million dollar house in Salinas, Californ...
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A question that comes-up quite often is: “How long would I have to wait to by a new home after a foreclosure?”

The answer to that just got better.

Fannie Mae announced last week that they are modifying the waiting period requirements for purchasing a new home after a pre-foreclosure event on a previous home.

Previously a borrower had to wait four (4) years after a deed-in-lieu of foreclosure or a pre-foreclosure sale before they could qualify for a new Fannie Mae conventional loan.  Now, after two (2) years a borrower will qualify for a loan of 80% LTV (loan-to-value) and after four (4) years they will qualify for a loan of 90% LTV and after seven (7) years they’ll be eligible for maximum LTV offered by Fannie Mae at that time.

Current waiting period requirements after foreclosure are unchanged from five (5) years.

A deed-in-lieu of foreclosure is differs from a foreclosure.  With a deed-in-lieu of foreclosure the borrower conveys all interest in the property over to the lender to avoid foreclosure proceedings.

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