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Is a Short Sale Possible For You?

July 31, 2012

A borrower is not eligible for a new FHA-insured mortgage they pursued a short sale agreement on their principal residence, simply to take advantage of declining market conditions.Or purchase a similar or superior property within a reasonable commuting distance at a reduced price as compared to current market value. So, what this is saying is there needs to be extenuating circumstances or FHA won’t go for it. This is on a case-by-case basis. However if a borrower was current when they Short Sold and current the 12 mos. prior, they don’t have a wait time to re-purchase!

HUD’s 4155 says:

Borrower Current at the time of Short Sale

A borrower is considered eligible for a new FHA-insured mortgage if, from the date of loan application for the new mortgage, all

• Mortgage payments on the prior mortgage were made within the month due for the 12-month period preceding the short sale, and

• Installment debt payments for the same time period were also made within the month due.

Borrower in Default at the time of Short Sale

A borrower in default on his/her mortgage at the time of the short sale (or preforeclosure sale) is not eligible for a new FHA-insured mortgage for three years from the date of the pre-foreclosure sale (this means you cannot take an application or purchase contract until that date).

FOR A FAST PRE-APPROVAL:
http://pmcmortgageloans.com/mortgage_application.php
First, complete a loan application on our website
Go to http://www.pmcmortgageloans.com
-Click on Apply Now at the top
-Scroll to the middle of the page and Click on 3. Full Application

And Follow us on:
http://www.facebook.com/pmcmortgageloans
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