topic Re: Short sal question in Mortgage Loans

Short sal question

Anonymous — Fri, 04 Apr 2008 02:29:51 GMT

We have been renting a house for 18 months rent payment 2700 a month. Thje landlord wants to sell he owes 525,000 zillow shows the home at 389,000 and countrywide will do a shortsale . My scroes are 589-597- 606. I have plenty of income to make the payment here are the questions

! in todays market will I have a problem getting a mortgage

2if i need to do an fha loan how do they work (we have 25,000 cash to work with)

thanx in advance

ps the home is in broward county florida

Re: Short sal question

shawnette — Fri, 04 Apr 2008 02:32:13 GMT

With your scores, FHA is your best bet at getting a good rate because it isn't score driven.

Re: Short sal question

ShanetheMortgageMan — Sun, 06 Apr 2008 21:29:12 GMT

Broward County's FHA loan limit has increased to $423,750... however if you are financing more than $362,790 more & more lenders are requiring that you have a 660 mid score, as anything over the $362,790 level is considered an "FHA Jumbo" and they have different requirements than an FHA loan at the old loan amounts. Countrywide requires that you get pre-approved through them in order to make an offer on any home they have foreclosed upon or are doing a short sale on, you don't have to get the loan from them, but they need to pre-approve you. It'll come down to what price you can get Countrywide to accept on the sale... if you are able to finance $362,790 or less then you'd have a fair shot with FHA.