• When are people with Foreclosures and Short Sales eligible to borrow again?

    7 monthes ago - By Calculated Risk

    Some information from mortgage broker Solyent Green is People :
    For people with foreclosures or short sales on their record, the waiting period depends on if there are "Extenuating Circumstances" EC ( death in family, company relocation/shut down - about 5/10% of cases) or if the foreclosure or short sale was due to "Financial Mismanagement" FM .
    Jumbo loans, Foreclosure: 7 years
    Jumbo loans, Short Sale: 7 years FM, only 4 years EC
    Fannie/Freddie, Foreclosure: 7 years FM, 3 years EC
    Fannie/Freddie, Short Sale: 4 years FM, 2 years EC
    FHA Foreclosure/Short Sale: 3 years
    Read more ...