September 8, 2017

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.

HAVE SHORT SALE QUESTIONS?

Last Updated on September 8, 2017 by Minna Reid

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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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  I was about to give up and just turn my back on my home and walk away. However, I found Minna and she was a lifesaver! Other realtors tried to help me but made the situation worse and wasted my time. If you are in the unfortunate place of having to short sale your home, then you know it can be embarrassing and difficult, especially if you don't have real estate experience. Minna knew exactly what to do, and was very professional, knowledgeable, and, kind. Minna was on my side and handled all the challenges we faced with selling a house that at times seemed like it didn't want to be sold! I appreciate Minna and know that you will love her.
  
 
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 2021-10-17
 
 
  I inherited my father's head and was completely in over my head. Minna was amazing in getting things straightened out with the mortgage company (which had been giving me issues for years) and was so responsive to my emails. I had a lot of questions, as this was my first time going through the selling process, and she was able to answer them all quickly. The selling process was so much easier than I expected it to be, thanks to Minna and her team!
  
 
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 2021-07-31
 
 
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 2021-04-29
 
 
  Minna has been a fantastic partner in selling our home. She was patient with us in explaining the differences between a short sale and conventional sale and helped us think through the pros and cons of each. During the process of the sale she was strategic and got us the best price for our sale. The process was painless and quick and every step of the way she managed each and every detail flawlessly.
  
 
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 2021-02-23
 
 
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 2020-12-10
 
 
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        Sarah Woodbury 
 2020-09-13
 
 
  I reached out to Minna when we were first considering a short sale. I didn’t know much about the process or how it worked so naturally I had a ton of questions. She answered all of my questions as well as explained the process in detail so I would know exactly what to expect. Several months later, we kicked off the sale. I had heard so many horror stories about what can go wrong in a short sale so I was very uneasy. With Minna’s expertise the process was so much smoother than I could have ever anticipated! It was just over three months from the time we listed to closing (which is fast for a short sale)!  Minna’s responsiveness and dedication along the way was a huge asset!! It’s because of her that our family is able to put the past behind us and move on to bigger and better things! I highly recommend her!

How to qualify for the FHA streamline short sale program

Minna Reid

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