Our Philosophy is that Home Owners that were forced into a short sale due to a personal reason or the declining markets should not be penalized when trying to purchase another home. Many home owners did the right thing and decided to opt in for a short sale rather than a foreclosure. These home owners should be able to purchase another home. We have put together every available program for home owners after a short sale.
No Late Payment Short Sale
- If you were able to keep your payments on time for the duration of the short sale then you can qualify 1 day out of a short sale. It is actually illegal for the Banks to make you not make your payments to qualify for the short sale. The Government’s HAFA program does not require your payments to be late. Sometimes you may need to get an Attorney involved to make sure you don’t have any late payments on your short sale.
- We have financed 100’s of home owners right after they short sale as long as there is no late payments on their mortgage.
With Late Payments Short Sale
If you were unfortunate and your Lender made you default on your mortgage to achieve the short sale approval, there are still some options for you depending on the date of the short sale.
- 2 years after your short sale with 0% down with VA.
- 3 years after your short sale with 3.5% down with FHA.
FHA – “Back to Work” Program
This program is 12 months out of a short sale with 12 months good payment history. Below are the requirements.
- As low as 3.5% down.
- 12 months from short sale with 12 months good payment history.
- Must be able to prove a min. of 20% reduction of income, job loss or something job related that caused the short sale.
- Must be able to prove that you are no longer in financial difficulty.
- Must take a HUD Approved Counseling 30 days prior to Applying.
More info and Class Schedule: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm