With short sales having become so prevalent over the past five years, is it any wonder that so many are having to wait before they can do another mortgage loan? Perhaps the numbers are staggering, but FHA waiting periods on short sales are simply put in place to prevent the problems we are having today.
While FHA has no waiting period on short sales of their own accord, Fannie Mae does now require a two year waiting period before they will allow you to do a loan FHA. Keep in mind that standard credit guidelines will apply to anyone who chooses to apply for an FHA loan. So, with that in mind, the payment history on your current mortgage must not show any late payments over the past 12 months. It is critical that you understand these guidelines before getting into the application process, because it involves everyone’s time and can be very frustrating.
For more information on this, you can visit one of my two websites:
www.fhaloansnow.net
www.inlandempireshortsaleresource.com
-Mayer Dallal
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