Get an FHA mortgage one year after short sale
The FHA recently released a letter stating that it was reducing the waiting period to get an FHA loan after a short sale, bankruptcy or foreclosure to 1 year. This is a big deal because the waiting period had been two years after a bankruptcy and three years after the completion of a foreclosure or a short sale.
However, not everyone will qualify. Borrowers will be required to prove that their household income fell by 20 percent or more for at least six months. That the decrease in income was because of unemployment or another event beyond their control. That they have now recovered and reestablished their credit by making at least 12 months of on-time payments on debts such as a mortgage, rent, or credit account.
Bayview Estates Realty is here to assist you in all your real estate needs.
Call (516) 777-0146!