trust me...( LOL!! i'm sure you've heard that before)....with as many homeowners going under...things will be changing in the future for certain.
right now the banks are holding so tight they are busting....no one is getting a penny and they want to discourage as many as possible.
but after that cute little incentive for first time buyers the banks are going to eventually realize there is NO ONE to lend to???
how many homes are foreclosed in this country today????? i'm not exactly certain on the number, but we all know that number is at historical record highs....so after the banks tap out the first time buyers and there will always be a few...what about the millions trying to lick their wounds and start over...the banks are going to HAVE to take notice at some time...or lag behind in lending and making themselves some money....one could think....
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Spoke to another lender and they said 4 years.... so who knows, it must be up to the banks....Leave a comment:
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I'm checking fannie mae and mac to see if there are new guidelines, I will reply if I find any.Leave a comment:
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Wow.....if that is true.......yikes. Just more incentive to get a short sale done.Leave a comment:
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Fannie Mac update 10/6
Fannie Mae/ Freddie Mac
So I just spoke to 2 different lenders regarding a conventional mortgage....
You now must wait 7 years after a foreclosure to qualify for a new conventional.... 7 years....
Last edited by SubPrimeME; 10-20-2010, 12:26 PM.
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