Moorpark CA â€“ We receive this question a lot. â€œI am upside down and need to move. I would like to buy another home. Can I do that?â€ 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 right afterwards.
The home you purchase would have to meet FHAâ€™s standard lending guidelines. FHA is a great mortgage program.
In fact, more people buying a home in todayâ€™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.Â 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 donâ€™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. 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 ProfessionalÂ and fill out FHAâ€™s Short Sale and Buy Application.
4. Get pre-approvedÂ for your next home loan.
5. Put your home on the marketÂ 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.
All in all it seems pretty simple. The key is to make sure they you are approved for the loan on the next home before you sell your existing home. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail email@example.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 805-208-0823
Discover how other sellers successfully completed a short sale and request a free consultation byÂ clicking here.
Thinking about a loan modification? Our Moorpark loan modification kit has the instructions you will need to get a loan modification approved with your bank.Â Click here to request a copy.
Thanks for reading this, Chris B Johnson.
Chris B is a Real Estate Agent at http://venturacountyshortsalespecialist.theshortsaleguide.com
/. Moorpark Short Sales Realtor:
Phone: 805-208-0823.Â firstname.lastname@example.org.
Certified HAFA Specialist, Certified Short Sale Specialist
View My homes for sale atÂ www.ChrisBJohnsonRealtor.com.
Chris Johnson specializes in loan modification assistance and short sales in Ventura County California. Ventura County Loan Modification Help, Ventura County short sales. Ventura County Short Sale Realtor Moorpark CA Short Sales. Moorpark Realtor.
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Chris B Johnson, http://venturacountyshortsalespecialist.theshortsaleguide.com
and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Chris B's personal views and do not reflect the views of http://www.ChrisBJohnsonRealtor.com/
This information on How Soon Can I Buy Another Home After A Moorpark Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.