Fannie Mae announced a reduction in wait time for some borrowers between when they complete a deed-in-lieu of foreclosure transaction and when they can obtain a new mortgage.  Previously, a borrower waited four years before getting a new mortgage.  Under the new guidelines, a borrower that previously completed a deed-in-lieu of foreclosure can get a new mortgage in two years with a 20% down payment.  If the borrower has a 10% down payment the waiting period is still four years.  In some situations, the waiting period can be reduced to two years with a 10% down payment after a deed-in-lieu of foreclosure.

Tisha Black Chernine, Esq.