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