Fannie Mae & Freddie Mac Guidelines:
Foreclosure = 6 years
Short Sale = 3 years
Bankruptcy = 2 to 3 years
Foreclosure = 6 years
Short Sale = 3 years
Bankruptcy = 2 to 3 years
Friday, January 21, 2011
Monday, January 17, 2011
There are seats open in next weeks Fair Housing Class in Riverhead on 1/27. THIS SPECIAL EVENT IS FREE and course is 3 Continuing Education credits!
Long Island National Golf Club our new sponsor will be serving delectable treats from their dining banquette!
Included:
Gourmet Fish, Veggie Pot Stickers, Pigs in blanket with spicy mustard, Chicken Wing Dings (hot & mild dipping sauce), Fried Cheesecake rolled in brown sugar and drizzled with raspberry & caramel sauce, Choc Chip Cookies.
Draft Beer, wine (first hour)
Soda, coffee, tea & water
REGISTER TODAY
Long Island National Golf Club our new sponsor will be serving delectable treats from their dining banquette!
Included:
Gourmet Fish, Veggie Pot Stickers, Pigs in blanket with spicy mustard, Chicken Wing Dings (hot & mild dipping sauce), Fried Cheesecake rolled in brown sugar and drizzled with raspberry & caramel sauce, Choc Chip Cookies.
Draft Beer, wine (first hour)
Soda, coffee, tea & water
REGISTER TODAY
Treasury has released amendments to the HAFA program effective February 1, 2011. To review the amendments, click here.
Most interestingly, Front-End Debt-to-Income Ratio analysis is no longer required and new rules for vacant properties are provided.
Now: A property vacant for less than 1 year can be considered, which is a lot more time than the 90 days that was previously allowed. Also, the applicant no longer needs to justify their relocation based upon employment requirements.
This new vacant property rule brings the program close to reality where many distressed homeowners simply leave their home when times get tough. Its a great move by Treasury because now more abandoned homes can be brought back to life with new homeowners.
Most interestingly, Front-End Debt-to-Income Ratio analysis is no longer required and new rules for vacant properties are provided.
Now: A property vacant for less than 1 year can be considered, which is a lot more time than the 90 days that was previously allowed. Also, the applicant no longer needs to justify their relocation based upon employment requirements.
This new vacant property rule brings the program close to reality where many distressed homeowners simply leave their home when times get tough. Its a great move by Treasury because now more abandoned homes can be brought back to life with new homeowners.
