Welcome to the LivingInLittleton.com Blog

2010-06-24 14:05:24
Fannie Mae gets tough on walk-away homeowners

Tougher guidelines announced from Fannie Mae for homebuyers with foreclosure records

 Fannie Mae (FNMA) announced a new 7 year waiting period for home buyers who have walked away from their homes resulting in foreclosure.  Sometimes called 'strategic defaults', homeowners who have the means to avoid a foreclosure but choose not to work with their lender before a foreclosure occurs may have to wait up to seven years before qualifying for a conventional loan. 

FHA-backed loans are currently more lenient for buyers with a foreclosure on their record, allowing a new purchase in as little as 3 years after a foreclosure occurs, though there is talk of much stricter guidelines and larger downpayment requirements in the future for homebuyers with foreclosures on their records.

For homeowners who may be at risk of losing a home to foreclosure, there are options to either stay in the home or sell before the home is foreclosed.  Having a documented record of an attempt to save the home from foreclosure may be a critical component to qualifying for a new home mortgage or refinance in the future. 

Call Bryan Messick at 303-378-7677 for more information about alternatives to avoid a foreclosure.

Read more about the new Fannie Mae policy here:

http://www.mortgagenewsdaily.com/06232010_strategic_defaulter_lockout.asp

 
Blog Archive
2017-01-12 20:21:31
Denver's Real Estate Market Makes U.S. Top 10

2017-01-03 14:56:38
2017 Real Estate Prediction for Denver Market

2016-12-28 14:13:30
2016 Market Recap for Denver Real Estate

2016-12-07 11:59:17
Five Steps to Go From Renter to Home Owner

2016-11-30 11:37:27
Denver Mortgage Rate Update

2016-11-25 18:11:15
3 Important Steps Before You Go Under Contract

2016-01-25 18:26:51
Should I Buy Now Or Wait Until Next Year?

2013-05-06 11:57:29
Denver Metro Mortgage Assistance Plus - FAQ's

2013-05-02 16:50:10
More Demand for Homes with 'Mother In Law' suites

2012-11-02 17:42:00
Buy a Home with 3% Down and NO Mortgage Insurance

2012-09-11 15:05:52
Metro Denver Available Home Supply Down 35%

2011-09-22 16:05:55
Colorado Home, Price and Economic Update released

2010-12-07 16:09:41
Finding rental homes getting tougher in Denver

2010-09-23 16:26:33
Fannie Mae Offers 3.5% to Homebuyers

2010-09-07 17:28:10
5 home buyer tips to get the best mortgage deal

2010-06-24 14:05:24
Fannie Mae gets tough on walk-away homeowners

2010-06-07 16:36:18
Short Supply of Denver Bank Owned Foreclosures

2010-05-28 14:44:35
New Mortgage Rules Scrutinize Borrowers Credit

2010-05-28 13:21:17
Homebuying After Foreclosure - Long Term Effects

2010-05-25 13:34:30
Home Warranties for Colorado Homebuyers & Sellers

2010-05-24 11:21:29
New EPA Lead Based Paint rules you need to know

2010-05-22 16:40:58
One-story ranch style homes gaining in popularity

2010-05-21 17:47:14
Foreclosures: Tips for Writing Winning REO Offers


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.