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Replies (6)
- Andrew Adams, "203K Specialist"
- Contributions:9349
As long as you were Current for the 12 months prior to the short sale you will qualify for a new FHA loan. No waiting required.
- Doug deBruyn, "loanpilot"
- Contributions:34
Andrew is correct. As long as you had no late payments on any mortgages or other consumer debt accounts within the 12 months preceding the short sale AND you were not taking advantage of declining market conditions, you are good to go.
Doug
Doug
- family6needahome
- Contributions:4
We lived in the home for 4 years and never missed a payment. So now do we have to try to find a lender who agree's with your advice or is it cut and dry that we would quailify under the FHA guidelines no matter who the lender is?
- family6needahome
- Contributions:4
We were not taking advantage of the declining market that is for sure. It took six months to find a job and all of our savings to keep our payments current. My husband is working I am now unemployed because of our relocation. We are trying to build up our savings account again. Is there a required amount you have to put down on a FHA loan?
- Lance Holtman, "First City Financial"
- Contributions:110
"...is it cut and dry that we would qualify under the FHA guidelines no matter who the lender is?"
It is clearly stated in the FHA underwriting manual 4155.1, but that does not guarantee that an individual lender may not go rogue and require an overlay of more strict requirements.
FHA downpayment is 3.5%
It is clearly stated in the FHA underwriting manual 4155.1, but that does not guarantee that an individual lender may not go rogue and require an overlay of more strict requirements.
FHA downpayment is 3.5%
- Doug deBruyn, "loanpilot"
- Contributions:34
We go off the 4155.1 guidelines so you should be good as long as you can back up your story with a good letter of explanation and some supporting documents. If you had upper 700's to low 800's on your credit before the short sale you should still have decent credit scores.
If you want to go deeper, feel free to click on my name above and send me a e-mail or give me a call.
Best regards,
Doug
If you want to go deeper, feel free to click on my name above and send me a e-mail or give me a call.
Best regards,
Doug
FHA loan after a short sale
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