A home buyer can qualify for a FHA insured or a Fannie Mae loan even after going through a short sale, pre-foreclosure or deed in lieu of foreclosure if certain criteria are met. A short sale or preforeclosure occurs when the borrower is no longer able to make mortgage payments and sells the home for less than the balance of the mortgage. These types of sales are different from foreclosure, when the bank uses legal proceedings to take ownership of a home due to missed mortgage payments, because the homeowner actually sells the property and gives the bank holding the loan some money back.
1. Fannie Mae will not consider individuals who have sold a home in a short
sale or deed in lieu of foreclosure until
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