Thank you for your input in advance!
Scenario: Client purchased a 3/2 condo in 2004 for $96k as a single person with an FHA loan. Today the similar units are selling for under $30k. Client needs to move as the condo will no longer accomodate the size of the family - 4 people.
If we are successful in completing the short sale, would they be eligible to immediately purchase a new home 4/2 at $105.9k with an FHA loan or will they have to wait 2-3 years? Better off attempting to rent out the condo? Suggestions welcome!
Tags:
Valerie is correct. You have to be in default to do an FHA short sale and then FHA won't let you buy another home because to do so you need to be current. FHA doesn't want any of its FHA customers back for at least 3 years. But if you're a conventional borrower who is dumping a conventional loan, hey, come on over. Of course, you have to move 600 miles away -- check the bank's overlays. There is a bank in San Francisco who doesn't have such overlays, though.
Elizabeth Weintraub
Broker-Associate #00697006
Lyon Real Estate
Sacramento Short Sale Agent
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.