Huntington Beach CA – We get this question a lot from people. “I am upside down and need to move. I would like to buy another home. Can I do that?” they ask us.
Today they can. FHA (the Federal Housing Administration) has a new program that enables you to short sale your existing home and buy a new home at today’s reduced prices. There are specific and strict guidelines that apply.
The home you purchase would have to meet FHA’s standard lending guidelines. FHA is a great mortgage program.
In fact, more people buying a home in today’s market are getting an FHA loan.
Here is what you would need to do to participate in the program:
1. Determine if you qualify to participate in the program. We have been told that you will need the following.
(Guidelines can change at any time, so make sure you check them with a Mortgage Professional familiar with the program.)
A. A 640 FICO credit score or better.
B. You must be current on all installment payments and your mortgage.
C. No bankruptcy or foreclosure on your credit in the last 7 years.
D. The home you are purchasing must be inferior to the one you are selling. I don’t know the exact guidelines, but I think it means it is a smaller home, or it has less bedrooms or a lower price.
E. Short sale caused by extenuating circumstances and not just a person trying to take advantage of the market (by selling short and buying same type home at half the price) -Job loss or loss of income, sickness or illness of the borrower, death of a wage earner, circumstances beyond your control. This criteria does leave a little room for subjective judgement on the lender’s part.
Email or text me and I can send you a copy of the Short Sale HUD letter.
F. You will need the 3.5% down payment for the new purchase.
2. Continue making your mortgage payments each month.
3. Talk to a Mortgage Professional and fill out FHA’s Short Sale and Buy Application.
4. Get pre-approved for your next home loan.
5. Put your home on the market with a licensed short sale realtor.
6. Once the short sale is approved, then you can start looking at other homes.
7. Close on selling your home and on purchasing the new property.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at Tony@HunthausenGroup.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 714-334-7808
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Huntington Beach loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Tony Hunthausen.
Tony is a Real Estate Broker Associate at Remax Select One. Huntington Beach Short Sales Realtor:
Phone: 714-334-7808. Tony@HunthausenGroup.com.
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Tony Hunthausen specializes in loan modification assistance and short sales in Huntington Beach California. Huntington Beach Loan Modification Help, Huntington Beach Short Sales. Huntington Beach Short Sale Realtor
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