Many of our clients ask us, "how long will it be before I can qualify for another mortgage after a short sale?". The answer to this question just became a lot better with FHA's new mortgage qualification guideline. Before now, borrowers looking to get approved for an FHA mortgage had to wait at least 3 years from the time of the short sale to qualify. However, certain former distressed borrowers can now qualify for an FHA mortgage MUCH sooner as part of FHA's new "Back to Work" Program. There are several parameters to this new guideline that include having reestablished satisfactory credit for at least 12 months and providing documentation to prove that the short sale was the result of a loss in income beyond the borrower's control. Click HERE to read the full article that provides more details. Qualifying for another mortgage after a short sale just got a little better!
If you are considering a short sale as an option to sell your home or just have questions about the short sale process, call us today at (865) 291-0355 (option 4) or email us at email@example.com