I recently come across some really great information about life after a short sale. For most sellers, selling their personal home as a short sale has meant for the most part, they cannot finance another home for at least 2 years. Some even say that a short sale is just as bad as a full foreclosure, where the bank takes back the property via a auction. This is of course not always true. There is some really great news! read on.
In a foreclosure, when the bank takes back the property through an auction, you cannot finance another home for at least another 3-4 years. Your credit score drops 100-200 or more points. In a short sale, your credit score may only drop slightly. Also if you sell a home via a short sale, you might be able to buy another home the following week! You cannot do this if you let the bank take back the property.
There are no FHA guidelines for a short sale or pre-foreclosure. FHA does not for the most part look at a short sale as the same as a foreclosure. I have recently found some banks that do FHA loans that will loan money for another home, even if you just recently sold your home through a short sale. This is great news for those who really need to sell their home because of a job transfer, a sudden drop in income, a divorce, and so on.
To find out more about this new FHA program, call me or email me today for a free consultation and free details.
Brad Oliver
Century 21 1st Place Realty
208-284-5697
Bradley@Century21.com
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