So many of you have been suffering to pay your mortgage for a home that you owe $500,000 and it is worth $250,000, huh? Think that you are stuck with that home at that price, huh? Think again!
If you are one of those families who have struggled because your mortgage payment is a lot more than you can really afford and qualify for, yet you maintained on-time payments, it is your primary residence, you have not refinanced your home and you do not have an Equity Line of Credit, relief could be right around the corner as FHA has just released new guidelines for those who fit this criteria.
If you make plenty of money and can easily qualify and make the payment, or if you have refinanced, have an equity line of credit or the property is an investment property, you may not qualify for FHA financing immediately following a short sale. Doesn't mean you can't qualify to do a short sale, just means that you may not qualify to buy a home with an FHA loan right after your short sale. In some cases you may have to wait 2-3 years to buy again.
If you want to read the actual memo and guidelines, please click here.
This is fantastic news for those who qualify and feel that they have been held hostage by their home and drop in value. If you want to find out if you qualify or if you want to meet with me to discuss your situation, contact me and "Let's Talk Real Estate!".
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