Borrowing becomes easier as housing market softens

Seattle Times 110614

A recent article in the Seattle Times had good news for borrowers with tarnished credit. This past summer Fannie Mae notified lenders that it was reducing the waiting period for borrowers who’ve had a past foreclosure to qualify again. Prior to the changes, borrowers who had experienced a foreclosure would have to wait at least seven years before they could qualify again. Now, the waiting period is based on the date of discharge from bankruptcy, not foreclosure, cutting the waiting period to four or even in some cases, two years depending on individual circumstances.

To read the complete article click on the source here

For more information about the homebuying process check out our Getting Started page or contact your loan consultant for more information.

Speak Your Mind