So you had to Short Sale your house? Conventional wisdom says you won't be able to buy a home for, at least, the next two years, right? In most cases, conventional wisdom is correct…however, not absolutely correct in every case. I was talking to Rich Estep, a Sr. Loan Officer with Paramount Equity Mortgage, recently, and he shed a little known fact about FHA loan guidelines, and how they pertain to borrowers who have had to Short Sale their home within the past two years. I am paraphrasing, but the statement was something like this:
"A seller in a short sale transaction, even within the past two years, can obtain a FHA loan to purchase another primary residence, if the previous mortgage was current when the short sale closed, and all other minimum FHA guidelines are met (credit score, income, etc.)."
Now, I understand many folks who have faced short sale, may not have been able to keep up with the payments. But, for that small percentage that were able to keep up, or after falling behind were able to become current, this bit of news could be very helpful. Rich did say, procuring a loan after a short sale, is not a slam dunk, but if you fit the criteria, it is definitely worth exploring! If you fit this description, contact your mortgage professional, or you can contact Rich at restep@paramountequity.com. Then contact me to help you find your next Sacramento Area home!
Best wishes,
Kyle Groves
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