Second Chance Option for FHA
The number of short sales is on the rise, and, as a result, lenders and banks are becoming overwhelmed and the process becomes everything but short.
For some borrowers, a short sale is exactly what they need in order to save their home from foreclosure and to keep their credit from being ruined (it also helps the lender save compared to what they would lose on the foreclosure). But for others, a short sale has turned into a way for them to keep a good standing with creditors and move on to purchase another home while escaping their current mortgage they can’t afford.
HUD recognized this problem and in December 2009 decided to take action. Enter the new FHA guidelines: no longer are borrowers eligible for another FHA loan if they entered a short sale on their primary residence in order to purchase another “similar or superior property within a reasonable commuting distance” (HUD).
The new FHA guidelines were created to avoid the continuing decline of home prices in general. In other words, HUD is getting rid of any reason for a person to seek intentional short sale.
If your wish for another FHA loan is sincere, you are eligible if:
- You were not in default on the mortgage and other installment debts during the time of the short sale.
- What you made on the short sale pays everything in full.
What this means for borrowers who were in default on their FHA loan at the time of the short sale:
- They are not eligible for another FHA loan for 3 years after the date of the short sale.
Of course, there are circumstances where a lender will make an exception for a borrower who was in default at the time of the short sale on their property:
- The reasons for default must have been due to circumstances beyond their control.
- The credit report shows that the borrower had maintained good standing before these circumstances came about.
The changes to the FHA guidelines are doing exactly what they should do — stopping those who are trying to take advantage of the system and helping those who really are in a tough situation.
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