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.