Financial Update by Maurice Soussé

I hope you have a super weekend planned. Rates are identical to last Friday’s rates and seem to be looking forward to this coming Tuesday’s election. No matter what the outcome of the election, any jump or drop will be a reaction to the elections. We see it every 4 years. Wall Street then comes back to reality and the true numbers that guide rates (employment, GDP and consumer confidence) then pull the market back.

Just a heads up in regards in the reminder to guidelines on short sales, BK’s And Foreclosures. Each agency has its rules. Here they are as a reminder.

FNMA
2 years from time of short sale assuming 20% down
4 years from short sale assuming 10% down.
BK is 4 years from discharge
Foreclosure is 7 Years

FLHMC
Same as above with 4 years being the standard minimum from time of short sale

FHA
3 years from time of short sale with only 3.5% down (exception is that a borrower can get a new loan right away if there were no late payments on the previous mortgage for the last 12 months)
BK is 2 years from discharge
Foreclosure is 3 years from the foreclosure date

I hope this information is helpful.