If you completed a short sale during the economic recession, you have to wait just 12 months before purchasing a new home. The Federal Housing Authority shortened the mandatory waiting periods for an FHA-insured mortgage loan through its new program, Back to Work—Extenuating Circumstances.
For both first-time and repeat home-buyers, the waiting period is no longer 3 to 10 years. The program is intended to grant families access to mortgage credit, for those who would be credit-worthy, if an economic crisis was not a factor.
Qualifications for the program:
1-Must have experienced an economic hardship that reduced the household income by at least 20% for a period of 6 months or more.
2-Must have fully recovered from hardship and provide proof, such as new employment to justify stable household income.
3-Must have a good credit rating and prove that loan payments are affordable.
4-Must complete a pre-purchase housing course at least 30 days prior to submitting a loan application.
If you have any questions related to selling or buying a Short Sale, you can contact us directly at 972-42-0011. We are the Short Sale Superstars in Dallas area and have successfully completed more short sales since January 2010 than any other realtor in North Texas, resulting in favorable outcomes for our clients