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Fannie Modifies Post Short Sale Qualifications

On July 29, 2014, Fannie Mae announced changes to its waiting period policy following a preforeclosure sale (short sale) or deed-in-lieu of foreclosure (DIL). The current requirements that apply to waiting periods following a short sale or DIL provide for different waiting periods of 2 years or 4 years and set out different maximum loan-to-value ratios (LTV) for those timeframes. These requirements are being updated to remove the LTV restrictions tied to different waiting periods, and establish a standard 4 year waiting period, with a 2 year waiting period permitted if a borrower has extenuating circumstances.

Fannie Mae's Announcement