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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:


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