Fannie Mae just got a little more strict on their time period requirements for foreclosures. If you have been foreclosed upon, you cannot get a loan on a new home purchase for seven years. This went up from a minimum 5 year period.
If you did a short-sale on your home, the time period remains at two years, but keep in mind that your minimum credit score will still have to satisfy lender requirements. In addition, some lenders “layer” guidelines, so that even though Fannie Mae allows you to buy in just two years, the particular lender may have an overlay guideline where they will require a 4-year minimum.
