Fannie Mae: “Hot loans here, get your hot loans here! Bad credit, no credit – no problem. Get your hot loans here!”
Fact Sheet | September 2014
Prior Derogatory Credit Event – Borrower Eligibility
. To be eligible for a mortgage loan, Fannie Mae requires borrowers to demonstrate that they have re-established credit following a significant derogatory credit event, such as a foreclosure, bankruptcy, preforeclosure sale (commonly known as a short sale), or deed-in-lieu (DIL) of foreclosure. Fannie Mae has minimum waiting periods that must be met before the borrower is eligible for a new loan following such an action. Fannie Mae is focused on helping lenders to provide access to mortgages for creditworthy borrowers while supporting sustainable homeownership.