- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (3)
- shasta_steve
- Contributions:448
I have read before if follows the rules for Fannie.
In that case you would have to wait 2 years if you put 20% down.
4 years if you put 10% down
7 years for less than 10%.
If you are looking at it for the 3%, no PMI, option then it would be 7 years, as Hamp's list stated. I am not 100% sure of this though as there is lots of misinformation out there. I do know those are the current lending standards for a normal Fannie loan.
In that case you would have to wait 2 years if you put 20% down.
4 years if you put 10% down
7 years for less than 10%.
If you are looking at it for the 3%, no PMI, option then it would be 7 years, as Hamp's list stated. I am not 100% sure of this though as there is lots of misinformation out there. I do know those are the current lending standards for a normal Fannie loan.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
It says seven years here.
That may not be written in stone by Fannie Mae. Their publicly available HomePath Mortgage guidelines are vague, and hard to find.
I would guess, that having sold short, a Fannie Mae property, does matter, but due to the prevalence of that situation, they have made the seasoning requirements for HomePath loans, equal to the most stringent seasoning requirements of loans, in general. I don't know if they take the reason for the situation into account, at all, like FHA guides. But if they do, the fact that you shorted a FM property, isn't going to help.
IMHO, if you recently short sold a Fannie Mae held loan's collateral, you need to be looking for a non HomePath, non Fannie Mae owned, non repossessed home, if possible, that qualifies for FHA financing. That will provide your best avenue to buy again. In my husky opinion.
That may not be written in stone by Fannie Mae. Their publicly available HomePath Mortgage guidelines are vague, and hard to find.
I would guess, that having sold short, a Fannie Mae property, does matter, but due to the prevalence of that situation, they have made the seasoning requirements for HomePath loans, equal to the most stringent seasoning requirements of loans, in general. I don't know if they take the reason for the situation into account, at all, like FHA guides. But if they do, the fact that you shorted a FM property, isn't going to help.
IMHO, if you recently short sold a Fannie Mae held loan's collateral, you need to be looking for a non HomePath, non Fannie Mae owned, non repossessed home, if possible, that qualifies for FHA financing. That will provide your best avenue to buy again. In my husky opinion.
- Maria Morton, "MariaMorton"
- Contributions:716
Homepath Short Sale Seasoning requirements
Can someone tell me how long you need to be seasoned out of a short sale prior to qualifying for a homepath purchase? Does it matter whether Fannie Mae was the investor on the short sale?
Thanks,
Chuck
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.