14 Things You Should Know About Fha Short Sale Guidelines - Fha short sale guidelines must be followed in order to do a smooth short sale when dealing with Federal Housing Administration.
Who Qualifies For A Fha Short Sale
You qualify to do a fha short sale if you own a house and it is insured via Housing Urban Development (HUD) or Federal Housing Administration (FHA) .
FHA Short Sale Guidelines – 14 Things You Need To Know And Follow :
- Your house has to be listed with a real estate broker that is not related
- Payments must be the minimum thirty-one days past due when your house is sold
- Your home must be in the market for a minimum of 4 months
- You must live in your home (Exceptions made if not working, transfered jobs, divorced, etcc)
- Broker services fees cannot be greater then six percent
- You’ll have to be pre-qualified in order to be able to shortsale your house
- You must be able to prove why you are unable to pay your mortgage
- Housing Urban Development (HUD) will give the purchaser up to ” One Percent ” of the total mortgage amount to help with closing fees dependent if your mortgage is insured by Federal Housing Administration
- Title insurance, warranties any points will not be payed by Housing Urban Development (HUD)
- Your shortsale has to not be sold to a relative or referred to as a “arms-length” transaction
- Housing Urban Development will pay out to the lender as high as $1k if they can close in three months from the date of your app
- Housing Urban Development will pay up to Fifteen Hundred Dollars to discharge any 2nd liens $1,500 after the main lender has been covered with their incentive.
- You must not purposely default on your mortgage loan just to do a short sale
- Your home cannot be an investment piece of property
After you have reviewed the fha short sale guidelines, you need to slow down a little and make sure this is the best alternative to take to stop foreclosure.
You see the short sale experts don’t want you to know or won’t tell you as I am about to tell you… ” that short sale should be used as a last option to avoid foreclosure ! ” They do not wish to discourage you from moving ahead with a short sale since they will lose money if they can help you shortsale your home . So you may want to discover what this article reveals to you ” Should I Short Sale My House ” before moving forward with your shortsale and making a costly mistake you and your family will pay for.
Do you really know all your options? Have you skipped any options by mistake ? Are there any special program options that are not widely known to home owners facing foreclosure?
Title : 14 Things You Should Know About Fha Short Sale Guidelines