Can a person who sold a home in a short sale (in another state) get an FHA loan?

Jmh
Home Buyer
Lakeland, FL

Answers (3)
D.Moreno
Agent
Lakeland, FL

Hello,
This is possible but there is many considerations as to why you went into Short Sale situation. Lenders now especially are looking for you to at least be 2 years out of a short sale situation and in some cases with larger banks at least 3 years. You're credit report has to be pretty much be in good standing since the time you got into a short sale situation and not have any previous late payments on any revolving or installment debts.

You also might want to get in touch with a Local Lender so they can get a better look at your credit situation and how far or close you are to purchasing another home.

Sun Oct 25 2009, 07:57
Keane Ng
Mortgage Broker
or Lender

Seattle, WA

Yes, but remember that FHA looks very closely at the borrower's tradeline history in the last 2 years. No more than 2 months behind in the last 24 months on a mortgage and no more than 1 month behind in the last 12 months. Many people who've gone through a shortsale have many mortgage lates. If this applies to you, you may need some time seasoned.

If you were lucky enough to do a shortsale without missed payments, then you may be good to go.

Sat Oct 24 2009, 13:42
Thomas Martin
Mortgage Broker
or Lender

Fort Lauderdale, FL
FIRST ANSWER

Yes you can use FHA to purchase a home as long as you only have 1 FHA home loan at a time.

Sat Oct 24 2009, 11:30

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