Buying 3 Months After You Sell Your Home in a Short Sale
Contrary to "popular" belief, it is possible to buy a home 3 months after your short sale your other home. But there are Caveats that you need to know in order to do this. It isn't done on conventional but FHA. Read it and learn.
If you qualify for this, then two things, reach out to me and let's talk and then let's bring Larry in from Cherry Creek Mortgage to make sure we have everything in order.
So, what do ya say?
It just happened. I spent about 1.5 months getting this guy's ducks in a row. Sounds almost too good to be true. But it is true. You can't do it on a conventional loan. You can, however, do with an FHA mortgage with:
TWO CRITICAL CAVEATS!!!!!
The bank can't be reporting a deficiency and;
The borrower can't have any 30 day lates reporting either.
I feel almost guilty on this, but I've come to learn that we've done a myriad of them at our company this year.
My buyer was denied by two other mortgage companies over the last two months. The other mortgage banks didn't look at the 4155 (or the FHA guidelines). Realtors, this is critical. A buyer still needs to qualify, but if they sell their home in a short sale and meet both of the aforementioned criteria, then....you have another happy buyer!
Loan officers need to have the support. They need to know the guidelines. Buyers do have options.
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