Short Sales and FHA

[Anonymous]

Quick question:

I'm looking at a short sale (back-up plan if our current deal falls through) and I'm wondering if FHA lends for short sales?

The property states: $200,000 lender approved short sale".

Thanks!

[Anonymous]

Yes, FHA will allow you to purchase a short sale home.  Matter of fact is better to go FHA or VA on a short sale.  Keep in mind you can only own one FHA or VA loan at one time.

[Anonymous]

Thanks. Yeah, we definitely wouldn't be owning more than one...was just wondering about FHA guidelines with short sales. Thanks for the reply.

[ShanetheMortgageMan]

"Lender approved" means they had an offer and someone backed out and/or the lender has already reviewed the property, and so it won't take terribly long after the seller accepts your offer for their bank to review/approve the deal.