Impact of Short Sales on NC Homeowners

I have been asked what the impact is on a homeowner that has had to do a short sale and their ability to obtain a new mortgage. The current Fannie Mae guideline requires 2 years from the time the short sale is closed if they are putting down 20% on the new property. If they are looking for a conventional loan with a 10% down payment, the waiting period is 4 years. I am doing some research to determine what the FHA guidelines are, but I anticipate them to be similar to the Fannie Mae guidelines. Each lender may have additional requirements but it may a good thing to ask when working with new prospects. Let me know if you have any questions or need more specific information. Martin Barbee Bank of America VP, Home Loans Manager 910-509-2524 - office 910-264-1208 - cell