Posted on: 06th Jun, 2010 01:49 pm
I've been told that I may have a problem getting a new mortgage after a short sale despite the new Fannie Mae guidelines. Will the banks turn me away? I've been advised that most of them won't even talk to me about a new mortgage until three years have run.
Is there a company of institution that may work with me? I meet all the other criteris (700 plus credit and twenty percent down).
Thanks
Is there a company of institution that may work with me? I meet all the other criteris (700 plus credit and twenty percent down).
Thanks
Welcome aapl4theteacher,
It is true that lenders will not help you with a mortgage for 2-3 years after you've gone through a short sale. The new Fannie Mae rule will be effective from 1st of July, 2010. Once they are effective, you can start speaking to the lender about getting a mortgage.
To know more about the new Fannie Mae rules to get a mortgage after short sale, check out the given page:
http://www.mortgagefit.com/problems/getloan-aftershortsale.html
It is true that lenders will not help you with a mortgage for 2-3 years after you've gone through a short sale. The new Fannie Mae rule will be effective from 1st of July, 2010. Once they are effective, you can start speaking to the lender about getting a mortgage.
To know more about the new Fannie Mae rules to get a mortgage after short sale, check out the given page:
http://www.mortgagefit.com/problems/getloan-aftershortsale.html