Short Sales; Another Reason to do it!

Feel the relief!

Short Sales:  Another reason to do it! 

LA Times had an article yesterday which put into the mainstream print media what we have been told for the past year..doing a Short Sale will allow you to purchase a home with a Fannie Mae backed mortgage within 24 months.  They are relaxing their loan rules that prevented loan applicants who had participated in short sales or deeds in lieu of foreclosure from obtaining new loans for extended periods of time.

To Qualify for a new loan within 24 months:

• Borrowers need 20% down.
• Borrowers can buy with 10% down IF they can show extenuating cirsumstances (divorce, medical and job loss)
• Borrowers must have traditional credit worthiness

Bottom Line:  If you do a Short Sale, keep the rest of your credit payments current.  Credit cards, car payments, Insurance..24 months isn't very long!