New FHA Short Sale Guidelines
Tuesday, December 22, 2009
You can now do a short sale on your home and buy a new home without waiting three years. Prior to the new guidelines you were unable to buy a home with a FHA insured mortgage following a short sale of your primary residence. download FHA Guideline PDF
If you were current when your short sale is made you have every chance of buying a new home according to the new guidelines from the Department of Housing
from FHA guideline-
Borrowers are considered eligible for a new FHA-insured mortgage if, from the date of loan application for the new mortgage
- All mortgage payments due on the prior mortgage were made within the month due for the 12 month period preceding the short sale, and
- All installment debt payments for the same time period were also made within the month due.
Lenders are not allowed to approve a new home purchase if… Read the rest of this entry »
