In this video, I’m going to talk about four things that you need to know if you’re going to do a short sale on an FHA mortgage. Stay tuned.
Even before we talk about doing a short sale on an FHA mortgage, you have to understand that the homeowner has to qualify. They have to go through a loan modification process on an FHA mortgage before they even go to the short sale process. So if they qualify for the loan modification, they cannot do a short sale. So in order for them to do a short sale they have to get the client out of the loan modification. All right. So talk about four things that you need to consider when doing a short sale on an FHA mortgage.
The first thing that you need to consider is that the property must be 1 to 4 units. Anything five units and above does not qualify.
The second item that you need to consider, this is a very important one, is that the unit or the property cannot be rented out for 18 months. All right. So that’s important for those people that have decided that they move out or whatever and then rent out the property. If they rented it out for 18 months, then they don’t qualify for short sale.
The third item that we need to consider is that the property must have been purchased as an owner occupied and not as an investment.
The fourth item and the last item is that the seller must be or the homeowner must be at least 30 days delinquent in order to qualify for a short sale. So with those four items. Those are the requirements for the short sale to be even considered.
I hope this video was helpful. If you have any questions about doing a short sale on a FHA mortgage. Or if you don’t even know or you may not know that you have an FHA mortgage, just give me a call at this number below. And I’ll talk to you then.