After a foreclosure in Bryan/College Station, Tx how long do you have to wait before you buy another home using Fannie Mae’s money? Wait…. did you ever borrow money from Fannie Mae in the beginning? Who is this Fannie Mae?
After a foreclosure Fannie Mae is telling us that you will normally have to wait 7 years before you can purchase another home using money from Fannie Mae. (See chart) Of course if there are extenuating circumstances (who knows what those could be) you could possibly get another loan in 3 years with additional requirements.
With a Short Sale the wait is substantially shorter!
Fannie Mae is a private institution that is federally backed. (seems kind of screwed up doesn’t it!) They are the LARGEST originator of home loans in the country so you really don’t want to rule them out as potential lenders.
If you have questions about which is better for you – Short Sale or Foreclosure or if you are behind in your house payments or just need to sell – CALL ME!