When home buyers are seeking a new FL mortgage to build their new dream home or purchase  an existing one, many have questions that should be answered upfront.  The most popular question recently has been “how long does an FHA home buyer have to wait before purchasing a home after a short sale”?

Most professionals in the mortgage arena know that you must wait at least 3 years after a short sale to be eligible for an FHA home loan.  But if you look further into the guidelines, you’ll find that if the last 12 months of mortgage payments were made on time, as well as any installment debts (such as car loans, student loans), then the 3 years rule can be waived.  Unfortunately many lenders and banks add their own rules on top and force home buyers to wait the full 3 years.  The key is working with a FL lender with common sense underwriting and utilizing the advantages already available within FHA guidelines.

I work in Brevard County and have many FL Builder accounts who depend on our upfront communication with respect to prequalfying their prospective home buyers.   A few months ago I was referred a buyer who had a short sale within the past 12 months.  Every lender she called mentioned she would have to wait 3 full years before she could purchase a new home.  We got together and later she closed on her dream home because she never had late payments as described above.

When looking for your next FL mortgage, make sure you speak with an experienced FL  mortgage professionalwho will provide upfront and current mortgage related information.  Who knows, you may even qualify now for your new FL home loan.

For more information on these and many other mortgage programs, feel free to email Stephen Thaggard or call/text directly at 407.733.6425.   Stephen Thaggard, NMLS#356309

Stephen Thaggard, NMLS 356309,  Sr Loan Officer, licensed in Florida,

Embrace Home Loans, NMLS 2184,  485 N Keller Road, Suite 550, Maitland, FL 32751