How forgiving is the mortgage system?

Asked by Trulia Miami, Miami, FL Fri May 3, 2013

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3
Ruth and Per…, Agent, Los Gatos, CA
Sat May 4, 2013
The mortgage system has become more forgiving lately then
when the housing crisis started.

One can get a US Govt. loan after 2 years of a short sale, and 3
if a REO.

Better than when it was before.

Good luck.
Perry
0 votes
Yanoska Diaz, Agent, Miami, FL
Sat May 4, 2013
Forgiving? Their rules are not meant to be broken, you play you pay...can we get votes??
0 votes
Meg Sahdala, Agent, Coral Gables, FL
Fri May 3, 2013
Fannie Mae requires the following waiting periods before a borrower becomes eligible for a mortgage the agency will purchase: 2 years after a Chapter 13 bankruptcy. 4 years after a Chapter 7 bankruptcy, and 5 years after a foreclosure. Borrowers who have been foreclosed on, furthermore, must put 10% down, have a credit score of 680, and must wait an additional 2 years before they become eligible to purchase a second home or an investment property.
See https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2008/08… Freddie Mac’s rules are the same.
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