Big news from HUD on the eligibility of buyers who previously had to short sale a home. Effective immediately!

By
Real Estate Agent with RealtyONE Group

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, AND
2. 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, AND
2. 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 rule if;
a. the default was due to circumstances beyond borrower's control (death of primary wage earner, long term uninsured illness, etc.), AND
b. review of credit report satisfactory credit prior to the circumstances that caused the default.
 
As always, guidelines will be made clearer as lenders introduce this announcement to their programs.  We will continue to keep you updated.
  For official announcement from HUD click on link below.
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-52ml.pdf

 

Matt Dunshie-Realtor
Certified Foreclosure Specialist CFS
REO Default Certified Professional
Keller Williams Integrity First Realty
2836 North Power Road Suite 114
Mesa, Arizona 85215
Office- 480-776-8380
Mobile-480-862-2811
Fax-480-776-8395
http://www.MattDunshie.com


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Posted by

Matt Dunshie-Realtor
Certified Foreclosure Specialist CFS
REO Default Certified Professional
Keller Williams Integrity First Realty
2836 North Power Road Suite 114
Mesa, Arizona 85215
Office- 480-776-8380
Mobile-480-862-2811
Fax-480-776-8395
www.MattDunshie.com


Follow me on Facebook
http://www.facebook.com/megaagent
Connect with me on Linkedin
http://www.linkedin.com/in/megaagent

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Rainmaker
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Michael J. Gallo
Florida Luxury Realty - New Port Richey, FL
Florida Luxury Realty - Gulf Home Sales Team

Excellent Info.  Everyone should Research This. 

Dec 18, 2009 04:52 AM #1
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Matt Dunshie

Realtor - Matt Dunshie & Associates
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