Fannie Mae’s Credit Policy Eased
Fannie Mae has just changed its policy-anyone whose loan origination date is August 16th, 2014 or later will now only need to wait 4 years after a short sale or foreclosure to reenter the housing market. Fannie Mae’s previous policy has people waiting 7 years until they can be eligible for a home loan. Those eligible to reenter the housing market still need to show that they have re-established credit after such negative credit events like a foreclosure, short sale, deed-in-lieu of foreclosure or bankruptcy.
Fannie Mae buys large groups of mortgages from mortgage lenders, thus securing the loans so that the lenders have more cash to lend out to more borrowers which increases the amount of lenders in the housing market. Now there should be a few more borrowers as well. If you think you’re ready to buy a home then, please, give me a call.
You can contact me, John Conca, at 530-306-3494, if you are searching for a home anywhere in El Dorado county, or if you are ready to sell your home. I’d be happy to discuss your options with you. You can find new Placerville listings here.