That means you cannot use the short sale as a way to get rid your old house in a declining housing market and buy a comparable house for a lower price. Getting an fannie mae/freddie mac Loan After short sale. waiting periods for a Fannie Mae or Freddie mac mortgage loan following a short sale vary, depending on the circumstances.
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· Buy a House After Short Sale By Gretchen Wegrich Updated on 7/28/2017. Following a short sale, borrowers may find it challenging to obtain mortgage loans at the most advantageous rate. In some cases, borrowers will be required to put down a larger down payment to compensate for the risk which they present to the lender.
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[More Matters: How to clean up your finances before seeking mortgage preapproval] You purchased your property. If the lenders approve a short sale (even trickier than normal, because you have two.
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A short sale, also known as a pre-foreclosure sale, is when you sell your home for less than the balance remaining on your mortgage. If your mortgage company agrees to a short sale, you can sell your home and pay off all (or a portion of) your mortgage balance with the proceeds.
· Freddie Mac requires a four-year waiting period after a short sale or deed-in-lieu before allowing a new mortgage, and five years after a foreclosure. That period may be shortened to two years after a short sale or deed-in-lieu if there are extenuating circumstances, however, and three years after a foreclosure.
A short sale involving more than one mortgage provider – for instance, where there is both a first and a second mortgage involved – is likely more difficult to navigate both during and after the short sale.
FHA mortgage after short sale or foreclosure. A huge benefit to applying for an FHA loan after having gone through a short sale or foreclosure is the relaxed rules on how long you need to wait-in some cases, no time at all.