There are many great Boca Raton and Palm Beach County homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (561) 395-8418 for a FREE home buying or selling consultation to answer any of your real estate questions.
Special Financing Programs for Short Sales
Welcome back to our blog. Today we talked with Matt Weaver from PMAC Lending about the short sale process from a financier's standpoint. The rules have changed a little bit and in some cases, buyers don't have to wait as long to purchase another home after their short sale.
The amount of wait time between a short sale and buying another home depends on the loan product. With FHA financing, it's wait period is 3 years. However, they have implemented a new product called the "Going Back to Work" program that allows you to qualify to purchase a new home after only 1 year. To qualify, you need to be able to prove that your income dipped by at least 20% during the onset of the financial crisis and that you are back up to your original income now.
With conventional financing, things are a little different. The wait time is 4 years, but with a 20% down payment, you can qualify in just 2. Extenuating circumstances such as divorce, illness, or death can also trigger a 2 year wait period.
If you have any questions, please feel free to give us a call. We would be more than happy to help.
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