Posted by & filed under Short Sales, Stockton Real Estate.

Trying to minimize foreclosures, new Fannie Mae rules will go into effect as of July 2010 for homeowners who do a “deed in lieu of foreclosure” or short sale allowing them to apply for another Fannie Mae backed loan in two years. Currently, Freddie Mac still requires a four year wait.

Previously the wait period was reduced from five years to four and now to two. However a minimum 20% down payment will be required unless there are “extenuating circumstances” such as job loss, according to Fannie Mae wants to help some troubled borrowers get back into home market.

Posted via email from Posterous

Leave a Reply

Your email address will not be published. Required fields are marked *