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The differences of Conventional and FHA type loans for Short Sales
The differences of Conventional and FHA type loans for Short Sales
"FHA: If the homeowner does not occupy the property, no short sale will be approved.!”Question: What are the differences between a Conventional and an FHA loan short sale process? Answer: FHA is definitely the best one of both. .. why? because you know the rules before hand.  A conventional loan short sale may have the most flexibility, even if you are an investor your bank may approve a short sale but, an FHA has guidelines that are easy to follow assuring the short sale to be approved if you are within those guidelines. Another big difference between these two types of loans is that FHA  will not use a BPO. Instead they will require an FHA Certified Appraisal. In a conventional loan, the lender only requires a BPO that maybe completed by a Realtor that is hoping the short sale does not go trough so it becomes a future REO listing for them. As a Realtor doing nothing but short sales, my job is to control shoddy BPO's so I can protect my clients. Another major difference between an FHA and a Conventional Loan Short Sales is that the ... more

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