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What are Fannie Mae Guidelines To Qualify For Conventional Loans After Housing Event



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hi if you guys were looking to get a

conventional loan because you can't call

FHA and you've had in housing event

there's much longer waiting periods for

commercials so if your only choice is

you have to go conventional then you

have to follow these guidelines and keep

this in mind now fhe of course is the

best after foreclosure it's only three

years but if you foreclose and you're

trying to buy a conventional now you

have to wait seven years from the date

that that house left your name and went

into the back to the bank's Dame so it's

not the day you walked out of the house

it's when they transfer the deed that

could be a couple months after you left

it could be a couple years some defense

on the bank itself and how long they

prolong the process that if you did a

deed-in-lieu with conventional you can

do after four years so you still can't

even do as well as the FHA which is

three years after foreclosure but if you

do a deed-in-lieu it shortens the period

from seven to four and deed-in-lieu

means that you've said given the bank

here's the keys I'm out of here

I can't pay it so what you're doing by

when you do it Deedle knows by the banks

are nicer to you it's because you're not

sitting in the house not paying a

mortgage payment for three and a half

years waiting for them to foreclose so

they treat you a little bit better going

forward if you want to buy a house so do

a deed low then you gotta wait four

years

if you foreclose you got to wait seven

years so keep that in mind if you have

to go conventional those are the waiting

periods there's not a lot of exceptions

to that I will say that if you do a

chapter seven bankruptcy and you include

your mortgage in that bankruptcy we can

go off the bankruptcy dates not the

foreclosure dates so

bankruptcy for conventional is a four

year waiting period so if you include

your house into a bankruptcy and

surrender your property you may not have

to walk out the door like a deed-in-lieu

you may get to stay there a while but

maybe not as long as if you were to

foreclose but understand if you

surrender the property in the bankruptcy

you give off the banker to date which is

four years from the bankruptcy date so

if you know you have to foreclose but

you're not ready to turn the keys in and

lock it or walk out the door the

deed-in-lieu just including the

bankruptcy and buy yourself a little bit

of time in your house you're not gonna

be able to sit there for three years

like you can

on a foreclosure now I don't want you

guys to sit there in your house for the

three years on a foreclosure because the

banks don't like that and I like to

represent the banks here so make sure

you understand these rules when you are

foreclosing or deed looing or

bankrupting your house to foreclose

because these are the waiting periods

and that's what they are so if you have

any questions on this please give me a

call at six three zero nine eleven five

seven five five zero go to Gus and show

com

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