Carl Snyder

Foreclosure FNMA policy as of 4/1/2009:
A five-year period is required to re-establish credit, measured from the completion date of the foreclosure action as reported on the credit report or other foreclosure documents provided by the borrower.
Additional requirements apply after five years up to seven years following the completion date:
• The purchase of a principal residence is permitted with a minimum 10% down payment and
minimum representative credit score of 680.
• The purchase of a second home or investment property is not permitted.
• Limited cash-out refinances are permitted for all occupancy types pursuant to the eligibility
requirements in effect at that time.
• Cash-out refinances are not permitted for any occupancy type.
Exceptions for Extenuating Circumstances
A three-year period is required to re-establish credit, measured from the completion date of the foreclosure action.
The additional requirements listed above apply after three years and up to seven years following the completion date, except the minimum credit score of 680 is not required. - Mon Sep 28 2009, 15:11