talent: Residential Statistics October - December 2010: Talent City - 01/10/11 08:22 AM

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.
 
 
 

 
(0 comments)

 
Jared Hokanson, Realtor  Southern Oregon (Hokanson Realty) Rainmaker large

Jared Hokanson

Realtor Southern Oregon

Medford, OR

More about me…

Hokanson Realty

Address: 310 Crater Lake Avenue, Suite 102, Medford , OR, 97504

Office: (541) 772-7653

Email Me

2009 Best Realtor

Jared's opinion on real estate in Oregon. Jackson County. Rogue Valley. Medford, Ashland, Talent, Phoenix, Eagle Point, White City, Central Point, Gold Hill, and Rogue River.


Listings

Links

Archives

RSS 2.0 Feed for this blog

Find OR real estate agents and Medford real estate on ActiveRain.