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

Community Leader
Super Contributor

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


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?

Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
In Irvine, CA and lending in all 50 states

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Message 11 of 18
Established Member

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).

FICO 715 FAKO 739
Chase Freedom 14,500
Chase Slate 6,700
US Bank 14,500
Discover 15,000
Message 12 of 18
New Member

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.

Message 13 of 18
Established Contributor

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

Message 14 of 18
Member

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.

Message 15 of 18
Highlighted
Established Member

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

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. 

 



Message 16 of 18
Valued Contributor

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

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
Fico 9: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
VS 3.0:...... EQ 835 TU 835 EX 835
Fico 8 BC:. EQ 892 TU 900 EX 900
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 17 of 18
Frequent Contributor

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

 
Scores 8/25/2017~ TU: 753 / EXP: 742 / EQ: 726
Goal: 770's or higher by end of 2017
Message 18 of 18