New FHA Guidelines Helping Short Sellers Back Into Housing Market Sooner

Dated: 08/26/2013

Views: 1382

Great News for Short Sellers! FHA guideline changes were just released! Prior guidelines to qualify for an FHA backed loan required a 36 month waiting period for anyone who short sold their home to get back into the market. The new guideline has shortened that waiting period to just 12 months. So now anyone who short sold their home last summer, can qualify for FHA financing providing their income is steady and their credit score meets the guideline standards. This move will further strengthen up the nationwide housing market as this move will pull millions of potential buyers back into the market. 

In the Northern California, East Bay market alone (contra costa & Alameda counties) there were over 7800 short sales from 8/25/2011 - 8/25/2012.  If you short sold a home last August or earlier may want to call your mortgage professional to see if you qualify.

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