FNMA (Conventional Loans) Lowers Minimum Waiting Period

Fannie Mae has decided that certain distressed borrowers who agree to give up their homes as an alternative to foreclosure should get a second chance at homeownership sooner. For those homeowners who grant a deed-in-lieu of foreclosure, the minimum waiting period to be eligible for a new Fannie Mae mortgage will drop to two years from the four years now required for any buyer.