Is There Homeownership After Your Fontana Short Sale?

By
Real Estate Agent with (909) 476-9600 ~ www.WeLoveFontana.com

Are you wondering if you can buy another home after you do a Short Sale on your present home?

Did you know that FHA has a program that waives their 3 Yr. wait time for certain homeowners that are short selling their Fontana home and want to repurchase.  There are a number of Fontana home owners who will qualify for this program by meeting the "extenuating circumstances" criteria.

The requirements are as follows:

  • Sellers must be current on their mortgage and all other credit obligations for the 12 months prior to the actual Short Sale completion date.

 

  • The Seller must be able to document their "hardship" as:

a) Job loss and subsequent job transfer/ relocation... (a new stream of income will be needed to qualify for the new loan).

b) Catastrophic medical bills (and/or death) incurred by a member of the borrower's "nuclear family" (i.e. co-signer of the current mortgage, a child, a spouse or other dependent as listed on the borrower's tax returns).

 

  • The Seller must be downsizing and relocating. (Buying a larger home nearby will not qualify.)

 

  • The Seller must be able to obtain a Short Sale Approval from the lender(s) of their current residence.

 

  • The Seller’s credit scores need to be above 620 and any outstanding collections (usually medical bills) need to be paid THRU ESCROW at COE.
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Topic:
Home Selling
Location:
California San Bernardino County Fontana
Groups:
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Local Expert
Tags:
short sale
fha
fontana short sale

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Rainmaker
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Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com
Coldwell Banker, Tahoe City, CA (530) 414-1260 - Tahoe City, CA
Tahoe Real Estate Agent Helping Buyers and Sellers

Mike - This is great news for home owners that found themselves in a short sale situation due to circumstances beyond their own control. 

Feb 19, 2012 04:45 PM #1
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Rainmaker
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Mike Martin

The TCR Group - Keller Williams Realty
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