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Conventional Loan after foreclosure
Fannie Mae has strict rules for homeowners who had a prior foreclosure. Fannie Mae has favorable waiting period after a bankruptcy, deed in lieu of foreclosure, and short sale. There is a four year waiting period to qualify for a conventional loan after bankruptcy, deed in lieu of foreclosure, and short sale with 5% down payment on a home purchase. If a foreclosure was part of a person's bankruptcy, the waiting period is four years from the discharge date of the bankruptcy under Fannie Mae's new guidelines. Home buyers no longer have to wait until the foreclosure has been recorded on public records like it used to be.

If a homeowner had a prior regular foreclosure, the waiting period is 7 years from the recorded date of the foreclosure or the date of the sheriff's sale.

Gustan Cho


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