If you have concluded a short sale a while back and are wondering when you can buy using a Fannie Mae Loan – this is the scoop via a telephonic inquiry to Augusta Financial’s Jason – the Lender 🙂
While we were on the phone I asked him to explain the rules as it pertains to Fannie Mae lending to previous short sale owners. He did not “wing it”, he went to the source and read me some particulars verbatim. Accolades for Jason’s diligence.
Here is the scoop. Fannie Mae will allow for a person that had concluded a short sale to buy a home using a Fannie Mae Loan after a period of 2 years if they have a 20% down payment. Fannie Mae with let the prior Short Sale seller buy a home after 4 years from the short sale discharge date if they have 10% down. But…..(there is always a but isn’t there)
The but comes in the form of the Automated System. That is the computer program where the lender, Augusta Financial, enters all the borrower’s information and credit Intel Even if on “paper” it shows that the borrower fits within the aforementioned guidelines – the computer may spit it back out during the DU – Desktop Underwriting process. If that happens, according to Jason – with regard to Fannie Mae, the client is dead in the water. Glitches exists in all forms, shapes and sizes, this is but one Glitch in real estate. You can avoid this by working with Direct Lending professionals, such as Augusta Financial’s Jason.
However, all is not lost – there are other loan programs that Augusta Financial has available to assist with purchasing real estate after a short sale has concluded. The only issue a buyer has to contend with is the “time factor”. Plus credit, proof of income, tax returns, etc… 🙂
BE Safe and give Jason at Augusta Financial a call – thanks to him for giving me a verified answer I could share on our REMAX Relocation Blog. Let us know when we can be of service and let me know when you are ready to meet Jason.
Do you know why we work with only the Top Santa Clarita Lenders? That is because they can perform what appear to be miracles to our clients, while not placing them at risk for future inquires. That’s why… Is it any wonder that I was an LAPD cop and current Reserve? I love when lenders play it straight with our clientele.
Jason is a part of Mike Meena Lending Team at Augusta Financial of exacting professionals – he can be contacted at the email below or you can call too!!!
Jason@augustafinancial.com – 661-291-2225
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