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Fannie Mae has recently changed their guidelines for someone with a past foreclosure, short sale or pre-foreclosure.  In short, if your buyer(s) had a foreclosure, sold the home before foreclosure and the process had started or a short sale this affects them. Here are the changes:

1. If your buyer had a foreclosure 2-4 years ago they are limited to a 80% ltv(20% down payment
2. If they had a foreclosure 4-7 years ago they are limited to 90% (10% down payment)
3. If the foreclosure was over 7 years ago then they qualify for the max financing

Please keep in mind these guidelines are just for Fannie Mae loans, NOT FHA or FREDDIE MAC.  But this recent change does show that the investors(and govt) are becoming tighter on buyers with past foreclosures(short sales etc).  Please call me with any questions.