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Julio, Other/Just Looking in Miami, FL

FHA question. I am a tenant. My landlord has not paid the mortgage for the past 6 mos. The property is in

Asked by Julio, Miami, FL Tue Aug 12, 2008

Pre-Foreclosure i am interested in purchashing the property. However, through short sale. Landlord is willing to list it and sell it short sale. I want to get finance through FHA loans. My question is: I have lived in this property for 2 yrs and all my documents, bills, taxes, drivers license, etc are registered at the property address, will that impede me from getting an FHA loan because i was the tenant of the property that went to foreclosure?

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8
Julio,

Your credit scores, income and debt load are the important things as far as an FHA Loan is concerned. A short conversation with a reputable loan officer will let you know if you qualify.

Your landlords financial situation does not affect your ability to get a loan.
1 vote Thank Flag Link Tue Aug 12, 2008
No regarding the property reflected on your credit GREAT QUESTION. You are not the owner of property nor is the loan in your name. You are fine proceed in trying to purchase property, short sales can take a while obtain an agent represent you for require purchase contract
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1 vote Thank Flag Link Tue Aug 12, 2008
To give you the short answer, it shouldn't have anything to do with it--you are not a party to the foreclosure proceedings. Talk to a mortgage officer at a lending institution, and they can guide you through the FHA process!!
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1 vote Thank Flag Link Tue Aug 12, 2008
Not sure but if you need to buy now - check us out:

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0 votes Thank Flag Link Thu Aug 14, 2008
Good morning Julio, Definately not, it can only help when you show receipts or canceled checks that you have paid your rent on time. Contact a FHA lender and start your financing immediately, make sure you have someone assisting you through the short sale process that has successfuly completed a short sale. It can be a long process. To ease the pain from waiting make sure the agent stays on top of it. Dont let your landlord negotiate it. I wouldnt pay him any more rent either if he is not using it to pay the mortgage. Good Luck
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0 votes Thank Flag Link Wed Aug 13, 2008
Julio,
HEre is a link that may help. It is to FHA. Great opportunity for you,especially if you can get the price that you want. Be mindful that the Short Sale process can take a long time. The lender can take months before they give you an answer.
Rick.
http://www.fha.com/
0 votes Thank Flag Link Wed Aug 13, 2008
Definitely not! Even if your bills and other documents are registered to the address it has nothing to do with the seller's financial situation. The most important thing is find a realtor that will represent you and perhaps refer you to a reputable lender and go from there. Be prepared though, because if this property in fact goes into shortsale, it is a very complicated process. It takes a good listing agent that knows and is experienced with shortsales in order for to sale to go through as quickly as possible, and patience on your side.
0 votes Thank Flag Link Tue Aug 12, 2008
This would be a great opportunity for you to take ownership of the property. Basic requirements for an FHA loan are: 580+ credit score, low debt to income ratio, and 1 to 3 months of reserves depending on your credit score. All of these guidelines are flexible once again depending on your credit score.

You can also use down payment assistance funded by the seller and have all closing costs paid in most cases or rolled in. If you are looking to get qualified for an FHA loan please feel free to call me. I can get you approved over the phone. Thank You!

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0 votes Thank Flag Link Tue Aug 12, 2008
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