Thousands of homeowners throughout the state of California have gone though a short sale over the past several years. The good news is there is light at the end of the tunnel to get back into the home market and purchase a home for 50% off what they were selling a few years ago with rock bottom interest rate. FHA loan requirements only require a three year wait after a short sale to apply for FHA home loan financing. You have to wait three years from the date the deed transferred out of your name to qualify for a FHA home loan in California.
A key is to check the date the deed transferred out of your name with the short sale. It is from this date that you have to wait three years. Feel free to email me at homeloan8@gmail.com or call at 858-922-7899 and I can research this date for you.
FHA loan requirements allows in very rare circumstances for a borrower to apply for a FHA loan without waiting the three year period. A borrower needs a special extenuating circumstance for why they had the short sale to be able to qualify in less than three years. This extenuating circumstance can’t be loss of job or financial difficulties. It has to be something major like an illness that can be documented, death of an income earner or a job transfer to another area.
So I hope this helps you understand the FHA loan guidelines for applying for a FHA loan after a short sale. Feel free to email me or call me if you have any questions about FHA or any other financing .
Below are some up-t0-date highlights of FHA home loans in California:
- FHA loan limits go up to $729,750 in many areas of California such as San Francisco, San Jose, Orange County, Los Angeles. San Diego FHA loan limits are $697,500
- FHA loan credit score does not have to be perfect. Call us if you want us to analyze your credit.
- FHA loan rates are still shockingly low
- FHA loan down payment is only 3.5% and can be a gift from a relative
Regards,
Warm Regards,
Rob Chomentowski
Sr. Loan Officer
858-922-7899
homeloan8@gmail.com
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