How To Do A Short Sale In Ny For A Freddie Mac Mortgage Loan
A short sale becomes an option if you have a hardship that requires you to leave the property, and you do not have the funds to pay the difference between the net proceeds from the sale of your home and what you owe on the mortgage.
Over the past several years, scores of homeowners have elected to ditch their unmanageable mortgages via to avoid foreclosure. It’s estimated that roughly. Because short sales have been so popular, there will inevitably be tons of former homeowners re-entering the marketplace in the near future. In fact, there are already plenty of so-called “boomerang buyers” who dumped their old homes via short sale and acquired new ones.
Of course, whether you’ll actually be eligible for a mortgage after a short sale will depend on a number of factors. There are already plenty of, and you’ll need to add “prior short sale” to that list as well. The Short Sale Waiting Period Depends on Mortgage Type • The short sale waiting period • Is dependent on loan type • Along with what transpired • Those with extenuating circumstances may not have to wait at all Perhaps the easiest loan to qualify for after a short sale is a, mainly because it has the shortest post-short sale waiting period. In fact, it has NO waiting period if you weren’t delinquent on your former mortgage during the 12 months preceding the short sale and the proceeds of the sale served as payment in full.
Additionally, you must have stayed current on all other installment debts during the same time period. Sadly, most borrowers who pursued short sales didn’t keep up with because lenders tend to be more willing to work with those who are behind and in danger of default. Assuming you did stay up-to-date, you can’t buy a similar property within a “reasonable commuting distance” of your old home. In other words, if you sold short just to take advantage of declining property values, you won’t be approved for a FHA loan. So only a small percentage of those who pursue short sales will be eligible for a FHA with no waiting period.
If you were delinquent when you pursued the short sale, the FHA waiting period is three years, though it can be reduced if you can prove extenuating circumstances. The main is the low-down payment requirement, as compared to conventional loan options. For, the waiting period after a short sale is two years. However, there is NO waiting period for those who managed to avoid late payments on the mortgage and all other lines of credit, similar to the FHA rule.
Get a Conventional Loan Just Two Years After Short Sale • If you sold your home short • And can prove extenuating circumstances • You can get a conforming home loan just 2 years after a short sale • But most borrowers will have to wait 4 years to get a mortgage For, it depends if the new loan is backed by Fannie Mae or Freddie Mac, which shouldn’t matter much to the borrower. Fannie Mae was the more lenient of the two, allowing a new loan just two years after the completion date of the short sale with 20% down payment. But they changed that, perhaps because it sent the wrong message. Nowadays, there is a standard 4-year wait without extenuating circumstances, or two years if you do have a valid excuse.
For Freddie Mac, the waiting period is also four years (48 months) for what they call “financial mismanagement,” or just two years (24 months) if you can prove extenuating circumstances, just like Fannie Mae. But the (LTV) and combined LTV (CLTV) is 90%.
That means you need a minimum 10% down payment. In other words, they want skin in the game this time around What Are Extenuating Circumstances? • Something beyond the borrower’s control • Such as sudden job loss and reduced income • And/or increased expenses • That render the borrower unable to make mortgage payments For the record, extenuating circumstances include things like the passing of the primary wage earner, a long-term illness, a divorce, sudden job loss, etc. Basically something outside the borrower’s control that resulted in major financial hardship.
If any of these events took place, the borrower must be able to provide third-party documentation as confirmation, and they must re-establish their credit profile to acceptable levels. Note: There are other types of loans out there, such as,, USDA loans, and so on.
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