September 8, 2017

keys with short sale

FHA, the most forgiving lender in the US also sets a lot of rules. If you have an FHA loan, and are behind, or are facing a problem with payments, the rules to get into a workout are very strict, but very clear. If you live in a house with an FHA backed loan and need to short sell – see this post.

However – if you no longer live in the house that you secured with an FHA loan and you seek a short sale – you have ONLY ONE OPTION –  The FHA streamline short sale program, which requires that:

  • You must be at least 90 days behind on your payments, and…
  • Your credit score must be 620 or less

There is zero flexibility – if you do not meet these two requirements – you will be denied for a short sale. If you do meet these requirements – theoretically you will be approved, but more work will need to take place to make that happen. We do that. Are you having a problem with an FHA loan and you need to short sell? Contact us. We will work out the details.

Last Updated on September 8, 2017 by Minna Reid

About the author 

Minna Reid

Minna Reid is The Broker - Owner of Reid Real Estate Group. Reid Real Estate Group is a full-service Connecticut residential real estate brokerage, specializing in helping homeowners with legal and financial challenges including short sales, probate sales and tax lien complications.

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