VERY IMPORTANT regarding Short Sales

We are receiving a lot of questions in regards to securing home loan financing after a short sale or recent foreclosure. The following is FNMA and FHA stance in these (2) areas. For VA - FHA guidelines are generally followed.....

In a nut shell, if a short sale/foreclosure is NOT an extenuating circumstance, a borrower must wait:

FHA/VA Conforming: 3 years
FHA/VA High Balance: 7 years

CONV Conforming: 7years
CONV High Balance: 7 years

"Extenuating circumstances" is a very hard sell to an underwriter - if you are a potential client that may qualify for this consideration, please contact us immediately PRIOR to entering into a real estate purchase contract. There are no hard and fast rules, each case is looked at individually.
Thank you.

Call Jason Whitehead, mortgage broker for more info 619-398-3500 ext 110.