The requirements are:
-The borrower must have made all mortgage & installment debt payments within the month due for the 12 months prior to the short sale
-The short sale must serve as payment in full on the existing liens, and the existing mortgage servicer may not require repayment of the difference between the mortgage balance and the short payoff
-Borrowers may not execute a short sale to “take advantage of declining market conditions and purchase, at a reduced price, a similar or superior property within a reasonable commuting distance”
Good Afternoon!! In order to qualify for a FHA mortgage you must wait 3 years to get a mortgage after a short sale and your credit must be good.
Karen Paytas, GRI, CMS
Real Living Kee Realty