FHA Seasoning After Short Sale

FHA Seasoning After Short Sale - FHA seasoning guidelines lets you qualify for a loan after three years from a short sale. FHA guidelines requires three year past from the date of sale of the property.

Borrowers are considered eligible for a new FHA mortgage if:

• They were current on their mortgage and other installment debts at the time of the short sale of their previously owned property and the proceeds from the short sale serve as payment in full
• Borrowers are not eligible for a new FHA mortgage if they pursued a short sale agreement on his or her principal residence simply to take advantage of declining market conditions and purchase at a reduced price a similar or superior property within a reasonable commuting distance

Borrowers in default on their mortgage at the time of the short sale (or pre-foreclosure sale) are not eligible for a new FHA mortgage for three years from the date of the pre-foreclosure sale.

Borrowers who sold his/her property under FHA's pre-foreclosure sale program are not eligible for a new FHA-insured mortgage from the date that FHA paid the claim associated with the pre-foreclosure sale.

Short Payoff - where there is a principal write down of indebtedness that cannot be refinanced into a new mortgage

FHA will insure the first mortgage where the existing note holder(s) write off the amount of indebtedness that cannot be refinanced into the new mortgage due to a decline in property value and/or a reduction in income.

If the existing loan is being paid off with a refinance with a Short Payoff there cannot have been any late payments prior to or at the time of the new refinance.

Borrowers Current at the time of Short Sale

Borrowers are considered eligible for a new FHA insured mortgage if, from the date of loan application for the new mortgage all mortgage payments due on the prior mortgage were made within the month due for the 12 month period preceding the short sale. FHA seasoning after short sale then there is no waiting period.

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