Ingrid B. Quinn

NMLS ID #211652 Arizona, Loan Consultant

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Short Sale/Deed in Lieu Seasoning per Fannie Mae

New Fannie Mae loan changes on the horizon could affect you! If you’ve recently had a short sale or deed-in-lieu of foreclosure (DIL) and are looking to purchase a home again, here’s what you need to know:
Fannie Mae announced that on August 16th of this year there will be changes to regulations. For several years now, Fannie Mae has allowed buyers that previously were involved in a pre-foreclosure hardship (short sale, or deed in lieu), to buy again using Conventional financing in as little as 24 months with a 20% down payment and a minimum 680 credit score.
After August 16th, this early purchase programs is being retired, and replaced with longer waiting period, but with much less strict down payment and credit score requirements. Buyers that experience a short sale or deed in lieu of foreclosure are able to buy again using Conventional financing after a four (4) year waiting period.
From what we understand, it appears that after the four (4) years from a short sale or deed in lieu, that you can qualify using the standard Conventional qualifying requirements of a minimum 620 credit score, and 5% down payment.
Exceptions: If a homeowner can prove that the short sale was due to an extenuating circumstance such as job loss and can provide strong documentation, then the waiting period may still be reduced to two years.
There are still options other than conventional conforming programs to assist buyers purchasing a home prior to 4 years. FHA & VA financing have shorter waiting periods; 3 years for FHA financing and 2 years for VA. Also, there are portfolio products available where a time limit does not exist but terms of that type of a loan are significantly less favorable than previously described programs.
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There’s Nothing to Fear, Real Estate Rebound Is Here!

“We are keeping a very close eye on the effect of rising mortgage rates on the housing market and the economy, but our July forecast is little changed from last month,” said Fannie Mae Chief Economist Doug Duncan. Fannie Mae does not fear the increase in mortgage rates and feels that the housing market is going to continue to grow. People will always need to buy homes, so a rate increase will not deter many homebuyers. We are always writing mortgage loans.
With the latest jobs report showing job creation still on the rise and consumer confidence leading the climb, we should see the housing market continue to grow and thrive. “We continue to see growth in housing, partly due to an increase in existing home sales as buyers choose to act while rates remain near historic lows,” Fannie Mae Chief Economist Doug Duncan said. “Consumer attitudes are improving amid a strengthening employment sector and we should begin to see a moderate pickup in consumer spending.”
Even with the increase in mortgage rates, we are still seeing great rates. Fannie Mae did make note of the fact that even with mortgage rates increasing we are still seeing a steady flow of mortgage applications, however we are seeing a significant slow down in refinances. This is to be expected and the number to homes being built and coming on the market is still increasing.
All of these factors are pushing home values forward and it truly looks like we are seeing the light at the end of this tunnel. FNMA is expecting economic growth of 2% this year and for that to continue to increase in the coming year.
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