Are you wondering if you can buy another home after you do a Short Sale on your present home?

Did you know that FHA has a program that waives their 3 Yr. wait time for certain homeowners that are short selling their Fontana home and want to repurchase.  There are a number of Fontana home owners who will qualify for this program by meeting the "extenuating circumstances" criteria.

The requirements are as follows:

  • Sellers must be current on their mortgage and all other credit obligations for the 12 months prior to the actual Short Sale completion date.

 

  • The Seller must be able to document their "hardship" as:

a) Job loss and subsequent job transfer/ relocation... (a new stream of income will be needed to qualify for the new loan).

b) Catastrophic medical bills (and/or death) incurred by a member of the borrower's "nuclear family" (i.e. co-signer of the current mortgage, a child, a spouse or other dependent as listed on the borrower's tax returns).

 

  • The Seller must be downsizing and relocating. (Buying a larger home nearby will not qualify.)

 

  • The Seller must be able to obtain a Short Sale Approval from the lender(s) of their current residence.

 

  • The Seller’s credit scores need to be above 620 and any outstanding collections (usually medical bills) need to be paid THRU ESCROW at COE.

 Mike Martin, Realtor

Tri County Residential Group

(909) 476-9600

Email Me

  California Short Sale

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This post has been included in California Real Estate News San Bernardino County, CA Real Estate News Fontana, CA Real Estate News
Post is included in group: Hyper-Local
Post is included in group: Local Expert

1 Comments on Is There Homeownership After Your Fontana Short Sale?

FEB
19
2012
400,702 Points 8 Featured Posts Outside Blog Called Shot Master

Mike - This is great news for home owners that found themselves in a short sale situation due to circumstances beyond their own control. 
4:45pm • #1


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Mike Martin | The TCR Group | Keller Williams Realty |

Fontana, CA

More about me…

(909) 476-9600 ~ www.WeLoveFontana.com

Address: The TCR Group at Keller Williams Realty, Fontana, CA, 92366

Office Phone: (909) 476-9600

Email Me



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