Courtesy Tony Guaraldi Aug. 8, 2014
There are a few industry changes that we’ll discuss today including how Fannie Mae will treat people with a Short Sale in the past and a new FICO scoring model that will be implemented this fall. The new FICO scoring model 9 will help many consumers with collections to improve their credit score and we’ll cover all the details on this.
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First on the Short Sale/Pre-Foreclosure waiting time for borrowers who wish to buy another home after this derogatory event. The current rule for Fannie Mae are that if the borrower puts 20% down payment the waiting time to buy or refinance after a Short Sale is two years. Continue reading