topic Re: Short Sales and FHA in Mortgage Loans

Short Sales and FHA

Anonymous — Wed, 13 Jul 2011 22:00:27 GMT

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!

Re: Short Sales and FHA

Anonymous — Wed, 13 Jul 2011 22:32:21 GMT

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.

Re: Short Sales and FHA

Anonymous — Thu, 14 Jul 2011 01:00:42 GMT

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

Re: Short Sales and FHA

ShanetheMortgageMan — Thu, 14 Jul 2011 05:31:30 GMT

"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.