Dan Green The Mortgage Reports Contributor Mandatory Waiting Period Reduced To 2 Years It's getting easier to get approved for a mortgage. Following a similar change with loans, mortgage-backer Fannie Mae has reduced the mandatory waiting period to make a mortgage application after a bankruptcy, short sale, or pre-foreclosure. Borrowers no longer must wait 4 years before re-applying to get a mortgage. Borrowers can now re-apply for a loan just two years after a bankruptcy, short sale, or pre-foreclosure. This is one year longer than the FHA's minimum waiting period via the program, and a major improvement for conventional mortgage borrowers nationwide.

HomePath Loan Program Guidelines. The HomePath Mortgage program is a special financing program to provide financing for purchases of Fannie Mae Real. Estate Owned (REO) properties that Fannie Mae has deemed eligible for HomePath Mortgage financing. Product Types. 30-year Fixed; 15-year Fixed. Fannie Mae's new HomePath Ready Buyer program offers first-time home buyers the opportunity to put as little as 3% down and get up to 3% of the purchase price back in the form of closing cost assistance on Fannie Mae-owned HomePath properties. The Quicken Loans Conventional Product Manager. HomePath Mortgage program by Fannie Mae was cancelled in 2014. The Fannie Mae Homepath program was created in 2009 as a way to offer home buyers the chance to buy foreclosed homes. FHA loans have less strict credit score requirements too, you can qualify for FHA loans with a 580 credit score.

Mortgage guidelines are loosening across all loans. Fannie Mae is the most recent publisher of mortgage guidelines to help borrowers with a history of poor credit because of bankruptcy, short sale, and pre-foreclosure. Afterglow Gamepad For Xbox 360 Driver Download. New Fannie Mae Rules For Bankruptcy, Pre-Foreclosure, & Short Sales Recently, Fannie Mae changed its mortgage rules for borrowers with a recent bankruptcy, pre-foreclosure, or short sale. The group has reduced its mandatory waiting period after such an event from four years to 2 years.