Recently FannieMae announced it would cut the waiting period for a new mortgage after a Deed-in-lieu of Foreclosure to just 2 years! One of the guidelines states the borrower must put 20% down. The new change will go into effect June 30, 2010.
This is great news for those people sucked into the economic slide that affected so many. Sometimes an isolated event can be devastating and if borrowers rebuild their credit, have sufficient down payment and wait the 2 years they can then look to get a mortgage once again.