Residential Statistics October - December 2010: Talent City

FORECLOSURE VS SHORT SALE

FUTURE LOANS - PRIMARY RESIDENCES

FORECLOSURE: A homeowner who loses a home to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 7 years. On any future 1003 application, a prospective borrower will have to answer YES to question C in Section VIII of the standard 1003 that asks "Have you had property foreclosed upon in the last 7 years?" this will affect future rates.

SHORT SALE: 2 Years. Fannie Mae may adjust based on down payment amount.