Everyone has their opinion about the impact of a Short Sale on your credit and whether you can get a new mortgage after short selling a home.
To answer these questions we must refer to the current Guidelines for FHA, and Fannie Mae.
FHA has recently changed their rule so that if a borrower has short sold their home and all the payments were made on time, then they may be eligible for a new mortgage. Borrowers are not eligible for a new loan if they pursued a short sale to, take advantage of declining market and purchase at a reduced price a similar or superior property within a reasonable commuting distance. Motivation for new home purchase is subjective and requires careful consideration by the lender. Otherwise, if any payments were made late or you cannot demonstrate extenuating circumstances, then it is a 3 year period before new FHA financing can be considered.
Fannie Mae policy is pretty straight forward – It is a minimum of 2 years to re-establish credit after a short sale.
This is Fannie Mae’s Guideline:
Link to more information from Fannie Mae.
Subscribe to:
Post Comments (Atom)
Posts
2 comments:
I now own a business of my own with the help of Elegantloanfirm with a loan of $900,000.00 USD. at 2% rate charges, at first i taught with was all a joke until my loan request was process under five working days and my requested funds was transfer to me. am now a proud owner of a large business with 15 staffs working under me. All thanks to the loan officer Russ Harry he is a God sent, you can contact them to improve your business on.. email-- Elegantloanfirm@hotmail.com. / Whatsapp number +393511617486
Hey everyone, sorry I've been away for so long. Just a lot of good news on my side. I want to share here some good news of how to get a positive loan lender to finance my business, please pass this along and share! I got a loan approval from Mr Pedro Jerome so I am very excited and it is one step closer to a good future. I hope everyone is doing well. I am on a good track to my business needs on my side. It just keeps getting higher and higher. Hopefully soon I can get back on track with the help of Pedro Jerome a loan officer,
If anyone here looking for a loan please contact Mr Pedro Jerome on pedroloanss@gmail.com also on whatsapp conversation +1 863 231 0632
I wish you all success.....
Post a Comment