Fannie Mae and Freddie Mac Short Sale changes

Fannie Mae and Freddie Mac announced changes to their servicing requirements for all their short sales.  The following guidelines must be followed in order to comply with the rules.

The buyer is prohibited from selling the property for any sales price for a period of 30 days from the date of the deed.

After the 30 day holding period has elapsed, the buyer is further prohibited from selling the property for an additional 90 days from the date of the deed for a sales price which would be greater than 120% of the short sale price.

So if the purchase price is $100,000. 120% would be $120,000

These restrictions are on all GSE loans, which means all Fannie Mae and Freddie Mac loans.

You can look them up here so you know for sure.

Fannie Mae: https://www.knowyouroptions.com/loanlookup
Freddie Mac: https://ww3.freddiemac.com/corporate/?intcmp=LLT-HPimage

 

 

 

 

 

 

 

 

 

 

Share
No Comments Posted in Education, Market News, Uncategorized
Tagged , , , , ,