Fannie Mae Change: How Does This Impact You? 

Recently Fannie Mae made a big change that could impact a lot of would-be home buyers. If you are in the market to buy a home, you may want to consider making your purchase before August 16th otherwise, you may have to wait another two years.

Fannie Mae announced that they have changed the required waiting period for borrowers who have had a previous deed-in-lieu of a foreclosure or short sale transaction. Currently, buyers with a short sale two or more years ago, are eligible for Conventional financing with 20 percent down. With these changes to the Fannie Mae guideline, buyers will now have to wait four years before qualifying for a new Conventional loan.

The updated Fannie Mae guideline is scheduled to go into effect on August 16, 2014. Buyers who are under contract by August 16, 2014 will qualify under the current guidelines, however after this date, borrowers will fall under the new four year waiting period.

For more information on available loan programs or to get qualified for a home mortgage, please contact Nate today.

Information provided to you for informational purposes only and should not be relied upon by you. RE/MAX Professionals and/or Nate Martinez are not a mortgage lender. You should contact Cobalt Mortgage directly to learn more about its mortgage products and your eligibility. *There are extenuating circumstances that may apply to borrowers in regards to the new Fannie Mae waiting period.