This information comes via Rosa Briggs of American Pacific Mortgage and felt it was important enough to share…”I wanted to get this news to you right away! Currently those buyers with a prior short sale can buy again in 2 years using a Conventional loan with 20% down.
This is changing, effective August 16th (guidelines change by Fannie Mae). The waiting period after a short sale will be increased to 4 years, unless they qualify under the extenuating circumstance guideline.
I know I have clients this will affect as I’m sure you do too. So between now & August 16th is the sweet spot to buy. (Note: loan application must be made prior to 8/16, but can close after 8/16)
There are some other changes but this one will have the most affect right now! “