Effective with applications completed and pre-approved after August 16th, the new requirement and waiting period for a borrower with a previous short sale to purchase or refinance will be increased to four years regardless of the LTV. Current guidelines allow borrowers with a previous short sale to purchase or refinance within two years of a short sale. The waiting period is measured as four or more years from when the new loan closes. Some exceptions may be considered for a two-year waiting period for extenuating circumstances but most cases will require the standardized four years.
This new requirement will be effective Saturday, August 16, 2014. Please find the link to the Fannie Mae announcement here:
For more information and details on this new guideline, please contact me today.
Gary Umholtz, Branch Manager
NMLS # 302500
CalBRE License # 0138074
651 First Street West Suite C Sonoma, CA 95476
RPM Mortgage, Inc – CalBRE# 01818035 – NMLS# 9472 – CA Bureau of Real Estate, Real Estate Corporation License. Equal Housing Opportunity.
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