short sale mortgage: Big news from HUD on the eligibility of buyers who previously had to short sale a home. Effective immediately!
- 12/18/09 04:47 AM
Borrowers are eligible for a new FHA-insured mortgage if;1. they were current on their mortgage and other installment debts at the time of short sale on their previously owned home, AND2. the proceeds of the short sale serve as payment in full. Borrowers are not eligible for 3 years following the date of the short sale if;1. they were simply taking advantage of declining market conditions, AND2. are looking to purchase, at a reduced price, a similar or superior property in same area.3. if they were in default on their mortgage at the time of short sale.Exceptions may be made to this (1 comments)