Wanted to make sure everyone saw these. Freddie's bulletin can be found here: http://www.freddiemac.com/sell/guide/bulletins/pdf/bll1216.pdf. And apparently Fannie's will be available for public consumption tomorrow, 8/22.
I am encouraged by what I have read; but, as always, the efficacy of these changes hinges all too delicately on servicer implementation.
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Best,
Chris
Yep...CAR just released a bulletin about this:
Additionally, FHFA clarified that a borrower experiencing a hardship must wait at least two years before becoming eligible for a Fannie Mae or Freddie Mac loan.
These changes follow FHFA’s announcement in June that established strict timelines for servicers to respond to short sales within 30 days of receipt of a short sale offer, provide weekly status updates to the borrower, and communicate a final decision to the borrower within 60 days of receipt of the offer.
Just like you, I don't get excited about "new guidelines" anymore. Remember how HAFA was written when it was first announced? Borrowers who previously applied for a loan mod didn't have to re-submit paperwork....yeah right.
I'm a little confused on the part in bold above. Does this mean that a borrower who did a short sale will be eligible for a Fannie/Freddie loan in 2 years?
I think the bolded sentence clarifies what are current underwriting guidelines for Fannie and Freddie lending. I am not a mortgage guy, but I believe that Fannie guidelines currently provide that a borrower may be eligible for a loan two years after a short sale if they can put 20%+ down. For Freddie loans I believe the wait period is four years. I am sure that someone here can correct me if I'm mistaken.