To say that there are many upcoming changes to mortgages is an understatement. Recently, news was released regarding loans that are sure to affect buyers and sellers everywhere and the concerning part is that not everybody knows about these changes!
First of all, Fannie Mae made an announcement in July stating that the waiting period of financing a new home after short sale or a deed in lieu is changing and will be effective August 16th, 2014.
This news affects to those adhering to a conforming mortgage, or a traditional loan from a financial institution of $417,000 or less.
What does this mean? For those involved in short sales and deeds in lieu, it means this date is crucial. Now is the time to reevaluate the timeline and see how this…