New Shorter Waiting Period From Fannie Mae

Effective July 1, Fannie Mae will reduce the waiting period for former homeowners who lost a home through foreclosure, short sale, or deed in lieu, to purchase another home.

The concept behind the new Fannie Mae policy is to strengthen housing markets that have been weakened by foreclosures. 

In addition, the new rule may assist some struggling homeowners to avoid foreclosure since they will be able to reenter homeownership quicker.

Depending upon the circumstances the shortest waiting period will now be only two years. Any prospective borrowers should contact lender or mortgage broker for details about the waiting period.

For more great reasons to buy a home in 2010, please click on The Best Time to Buy a Home is Now!

If you have been patiently waiting to buy a Hoboken home, now is the time to do it. All of the key factors are in place to ensure that your home purchase will be a major, positive life changing event.  With low mortgage rates available,  this is the opportunity you have been waiting for.  Make 2010 the year you purchase your dream home. For more information contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City.  Eddie can be reached at eddie@InvestHoboken.com or 201-344-2886.

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Explore posts in the same categories: Financing/ Interest Rates, Foreclosure

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