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Qualifying for FHA loan after a short sales with no missed payments

A little over 2 years ago I sold my home in FL as a short sale.  My job was requiring I relocate and my 5 year intrest only loan was getting ready to adjust.  Amazingly the bank accepted a short sale offer and canceled the remaining debt.  Even better yet we were able to do this without missing a single mortgage payment.  Our credit was barely affected at all.  Recently I was preapproved for a FHA loan.  I'm wondering if my short sale did not show up on my credit report.  Will they discover the short sale during underwriting?  Should I bring up the fact I've had a short sale in the past?  I don't know if I'm sliding under the radar or if they can see I was never delinquent and are taking that into consideration under the 09-52 guidelines.  I need some good advice.
  • July 22 2012 - Staten Island
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Answers (2)

Profile picture for Mortgage Brothers
The key piece of information on time periods for a new FHA mortgage after a short sale is whether there were any 30-day late payments in the 12-month time period leading up to the conclusion of the short sale. 

If 0 x 30 in those 12-months you are immediately eligible for a new FHA mortgage. 

If any 30-day late in those 12-months the time period for eligibility for a new FHA mortgage is 3-years. 

You can confirm those time periods on the www.hud.gov website by selecting the "Ask FHA" tab and entering "short sale" as the key word search. 

  • July 22 2012
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Talk to your loan officer. better to address it now and make sure the lender doesn't have an overlay to disallow it than to find out late in escrow that it might be an issue with them.
  • July 22 2012
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