{"id":704,"date":"2015-07-03T13:00:51","date_gmt":"2015-07-03T13:00:51","guid":{"rendered":"http:\/\/teammovemortgage.com\/2014\/11\/04\/fha-guidelines-for-short-sales-on-a-previous-residence\/"},"modified":"2020-07-13T22:34:35","modified_gmt":"2020-07-13T22:34:35","slug":"fha-short-sale","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/fha-short-sale\/","title":{"rendered":"FHA guidelines for short sales on a previous residence"},"content":{"rendered":"

Life happens and sometimes life gives you tough situations such as a short sale.\u00a0 A short sale is when a homeowner experiences problems selling their home.\u00a0 Being short means the balance is higher than the sales price.\u00a0 The problem with a short sale is lenders and other creditors consider this a credit default in most cases.\u00a0 But it is not the end of the world.\u00a0 In this article we are discussing FHA short sale guidelines.<\/p>\n

When can I buy after a short sale?<\/strong><\/p>\n

\"fha
When can I get an FHA loan to purchase a home after a short sale?<\/figcaption><\/figure><\/blockquote>\n

FHA\u00a0Short Sale Requirements<\/h2>\n

Generally, FHA requires a 3 year waiting period after\u00a0a short sale.\u00a0\u00a0The new FHA<\/a> case file number must be over 3 years from the actual sale date of the prior short sale.\u00a0 In addition to the FHA waiting period, there are other credit requirements.\u00a0 For borrowers to meet FHA short sale guidelines, there must be re-established rent history as well as other credit.\u00a0 Keep in mind that it is very possible to have very good credit scores after a short sale.\u00a0 In order to accomplish this, there are important steps to re-establishing credit.<\/p>\n

Exceptions to FHA Short Sale 3 Year Waiting Period<\/h2>\n

Even though most short sales require the 3 year waiting period, there are some exceptions to this rule.<\/p>\n

No Mortgage Late Payment Exclusion<\/h3>\n

The first exception allows for FHA approval if the borrower was\u00a0current when the previous\u00a0sale occurred.\u00a0 Not only must the mortgage be current at the time of sale, but it should also be on time for the preceding 12 months.\u00a0 Plus installment debt payments for the same time period must also be on time.\u00a0 This could allow a buyer to purchase a home immediately after the short sale!\u00a0 The reason\u00a0this rarely works\u00a0is because many mortgage companies require homeowners have a late payment prior to approving a short sale.<\/p>\n

Extenuating Circumstances Exclusion<\/h3>\n

The next\u00a0potential exception\u00a0is\u00a0for\u00a0a sale because of extenuating circumstances.\u00a0\u00a0These\u00a0circumstances must\u00a0be beyond the borrower’s control.\u00a0 Examples include a serious illness or death of a wage earner.\u00a0 But the borrower must have re-established good credit since the event.\u00a0 FHA specifically mentions that divorce is not extenuating.\u00a0 There could be an exception if the mortgage was on-time at the time of the divorce, the ex received the property, and then there was a subsequent short sale.\u00a0 Also not being able to sell a property because of a job transfer or relocation is not extenuating.<\/p>\n

Are you looking for another mortgage loan type? Check out one of our other articles discussing short sale requirements for USDA, VA, Fannie Mae, Freddie Mac, and jumbo<\/a>.<\/p>\n

Above FHA short sale guidelines\u00a0come from HUD 4000.1<\/span><\/a>.<\/p>\n

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\nGive us a call to see if you meet the FHA guidelines
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Follow our writer, Russell Smith<\/span><\/a>, on ActiveRain<\/span><\/a>.\u00a0 ActiveRain is a site\u00a0that real estate professionals, buyers, and sellers may use to gain helpful knowledge.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Life happens and sometimes life gives you tough situations such as a short sale.\u00a0 A short sale is when a homeowner experiences problems selling their home.\u00a0 Being short means the balance is higher than the sales price.\u00a0 The problem with a short sale is lenders and other creditors consider this a credit default in most […]<\/p>\n","protected":false},"author":2,"featured_media":1580,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[24,33,17],"tags":[26,27,29,30,31,415,416,417,10,11,37,418],"class_list":["post-704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fha","category-frequently-asked-questions","category-products","tag-fha-guidelines","tag-fha-home-loans","tag-fha-loan-requirements","tag-fha-loans","tag-fha-purchase","tag-fha-short-sale","tag-fha-short-sale-guidelines","tag-fha-short-sale-waiting-period","tag-homebuyers","tag-low-down-payment","tag-short-sale","tag-when-can-i-buy-a-home-after-a-short-sale"],"acf":[],"yoast_head":"\nFHA Short Sale Waiting Period Helps Buyers Purchase Another Home<\/title>\n<meta name=\"description\" content=\"FHA short sale guidelines require a 3 year period but there are exceptions to the short sale rule. 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