Qualifying for a new mortgage

Sep 25th, 2010 | By | Category: The Mortgage Connection

Qualifying for a new mortgage | The Sahuarita ConnectionYou’ve probably heard a lot about short sales lately but we wanted to share some interesting facts with you about qualifying for a new mortgage if you have done a short sale.  A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. The Bank has to agree to settle for less than the amount owed but this option allows a seller to avoid foreclosure. What many people may not know is that it is possible to buy another home once you have done a short sale. If your short sale is due to relocating perhaps in the event of a job change there is no waiting period to qualify for a new FHA loan. If you intend to stay in the same area you can qualify for a new FHA loan 12 months after your short sale. This is providing that you did not have an FHA or VA loan on the property that you sold through short sale.
There are other options too with VA and conventional loans. Each situation is somewhat unique so we would be happy to
discuss your individual situation with you if you have questions.
For Investors

There are plenty of unique factors that make Sahuarita great for investors as well as homeowners. You may already own investment properties or be wondering if it’s something you should do. The Sahuarita area is unique for several reasons. First home prices are low and there are plenty of great deals!  Also, with the Border Patrol adding several troops on a temporary basis there is a need for short term housing which increases the demand for rentals in the area. This is a winning situation for investors. Loans for investment properties are still relatively simple to obtain. A down payment of only 20% is required and mortgage rates are at all time lows! We would be happy to give you additional information based on your individual situation. Please call today!

Call me with any questions you may have at 520.954.7686. I appreciate the opportunity to earn your business. Email address:
LO LICENSE # 0912532   LO NMLS# 224433   BKBR# 0115327  COMPANY NMLS# 6274
By Mike Morgan of Peoples Mortgage Company 520.954.7686

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