Finance
In Montana, a borrower who has had a foreclosure must typically wait before being eligible for a new conventional mortgage. The standard waiting period is:
A1 year
B2 years
C7 years✓ Correct
D3 years
Explanation
Fannie Mae/Freddie Mac guidelines typically require a 7-year waiting period after a foreclosure before a borrower is eligible for a new conventional mortgage (with certain exceptions). FHA requires 3 years, and VA requires 2 years, depending on circumstances.
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