4 Year Wait to Purchase a Home?
Fannie Mae may be changing the rules in the next 45 days for the wait period for people who have had a short sale. Currently a buyer could purchase another home after two years of the final short sale completion. Of course, the hardship had to be documented as to the reason for the short sale.
There is rumor — and a strong one— from many mortgage folks that by mid August the rules will change and buyers will now have to wait four years to repurchase.
This is further encouragement for anyone contemplating a home purchase who has had a short sale, to take action now. If you have already exceeded the two year mark and you now have to wait another two years, the market I am sure will be quite different. Higher prices and if not home prices, definitely higher interest rates.
Bottom line if you are in a position to purchase, get moving!
Filed under: Market Data
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