Finance
A West Virginia borrower who had a short sale 3 years ago is seeking a conventional mortgage. Under current Fannie Mae guidelines, they may:
AQualify with a higher down payment since the 4-year waiting period applies to conventional loans✓ Correct
BNot qualify for at least 7 years after a short sale
CQualify immediately with no waiting period
DQualify after a 2-year waiting period with 20% down
Explanation
Under current Fannie Mae guidelines, borrowers with a short sale generally face a 4-year waiting period for a conventional mortgage (with some exceptions for extenuating circumstances). FHA may allow shorter waiting periods.
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