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Super Contributor
Posts: 8,706
Registered: ‎09-28-2007
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Re: BIG changes to Fannie Mae's policy regarding mortgages included in BK

[ Edited ]

VanRickets wrote:

We were getting ready to buy a house as our 2 year wait will be up in less than a month.  Now, it looks like they are making us wait 4 years before we buy?  This totally sucks.  Houses in the Seattle area are selling for higher than the peak of 2006 and continue to rise.  We really wanted to get into a new home before the prices get totally unaffordable.

 

The mortgage brokers and banks that I've been talking to are still staying that 2 years is fine.  I guess they are out of the loop. 


What derogatory event waiting period are you referring to?

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Registered: ‎09-14-2012
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Re: BIG changes to Fannie Mae's policy regarding mortgages included in BK

We had a short sale due to a job loss and a subsequent move across the country to find a job.  Our lender said that a job loss is considered extenuating circumstances and we can get a mortgage after the 2 year waiting period, even though it has been extended to a 4 year wait post short sale.  Our two year wait is over on October 3rd (3 weeks).

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Registered: ‎12-02-2014
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Re: BIG changes to Fannie Mae's policy regarding mortgages included in BK

I'd read this too but it's my understanding that this change doesn't apply if you're trying to use an FHA purchase loan.  I was supposed to settle two weeks ago and suddenly my application is in suspense with a likely denial because Chase hasn't foreclosed or done any type of deed transfer on a home that was in my 2009 bankruptcy!  I live in Maryland and have ZERO rights to force the transfer... I seriously hope FHA catches up to Fannie and Freddie really soon.

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Posts: 972
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Re: BIG changes to Fannie Mae's policy regarding mortgages included in BK

http://backtoworkprogram.org/   We found this program for our daughter.  Perhaps Shane the Mortgage Man knows about it.   I would like more details on this program.  Thanks

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Registered: ‎02-20-2015
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Re: BIG changes to Fannie Mae's policy regarding mortgages included in BK

There are portfolio lenders who will offer you a mortgage 2 years after a BK. And if you had a short sale or foreclosure just one day later. The rates are about 2% higher and you'll need a 660 credit score to qualify.  It's called their second chance loans. Some phases of the mortgage process are getting less strignent while others such as when they see your bank statement wil be examined like a doctor looking for a potentilal cancer causing agent.

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Posts: 16
Registered: ‎06-04-2012
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Re: BIG changes to Fannie Mae's policy regarding mortgages included in BK

[ Edited ]

I am in this boat trying to locate a lender willing to follow this program.   Wells Fargo is telling me 7 years post foreclosure unless I go FHA. 

 

Post Ch 7 discharge 5 years where the mortgage was included....couldn' t help BOA taking another 3 years to finally foreclose and remove my ex wife from the home. 

 



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Re: BIG changes to Fannie Mae's policy regarding mortgages included in BK

[ Edited ]

See below link for the most recent (2017) eligibility matrix from Fannie Mae

 

https://www.fanniemae.com/content/eligibility_information/eligibility-matrix.pdf

Fico 8: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 9: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 4 .....:. EQ 804 TU 823 EX 830 (3/2017) EX Fico 98: 839 (3/2017)
VS 3.0:...... EQ 832 TU 832 EX 832 (3/2017)
Fico 8 BC:. EQ 887 TU 899 EX 900 (3/2017)
CBIS: ........LN Auto 940 LN Home 870 TU Auto 902 TU Home 950 (4/2017)
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Re: BIG changes to Fannie Mae's policy regarding mortgages included in BK

 
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