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Buying FHA after a Short Sale

Posted by Geordie Romer on June 23, 2010

This just came in my email from Darel Ansley at Peoples Bank in Wenatchee:
Maybe everyone else already knows this, but I just learned this week, that a person can actually sell their home through a short-sale and immediately buy a new home with FHA financing !!  I was shocked.
  Here are the general limitations:
 1)    The client must stay current on their payments through the short sale
2)    Client must have been current on all their payments for the 12 months leading up to the short sale
 3)    They can’t be using the process to just take advantage of low home prices in their market – in our scenario, the buyer was taking a new job and relocating.
So this could work for someone who is transferring into our area but thinks they are stuck upside down in their current home.
I have attached the FHA letter.
If someone was delinquent going into a short sale, they would have to wait 3 years to be eligible for a new mortgage.
Call or email with any scenarios.



    If you’re planning to buy a home in this area, the best place to start is with the Leavenworth Home Buyer’s Guide.

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