Short Sale Sellers | RI Real Estate Home Buying
Short Sale Sellers | RI Real Estate Home Buying. Many Rhode Island have gone through short sales on their homes
in the last few years. It has been a tough time for homeowners as the difficulties mounted and the lack of funds to pay the home mortgage grew. However, short sales continue to be a part of our RI real estate landscape and understanding them further is important. However, I want past short sale sellers to know that many can now buy homes again. As long as you have your financial house in order.
Did you hear me past short sale sellers?
If You did a short sale on your primary residence and you continued to pay on your mortgage through the process, FHA has NO waiting period on borrowing again for a home if you relocate to another area ( in this case it was another part of the state).
Now these are clearly defined limitations but not that unusual.
A client of mine was working in Connecticut, owned a home in southern RI and then lost his job. He went through the short sale process a year ago and had decided to see if at some point he could buy again due to his circumstances. My buyer went to a number of lenders who were not up on the FHA new lending guidelines. Surprise? So I sent him to a local credit union that was well aware of FHA guidelines on short sales. My home buyer qualified because he had relocated to the north end of the state and was buying a home in central RI. Still over 45 minutes of driving difference which was allowed by FHA.
Talk to a good lender on FHA guidelines with short sales or best yet talk to me and let me guide you in the home buying process.
If you had not paid on your mortgage when you went through a short sale, you will have a two year wait from closing time until you can buy again in most instances.
As a coastal Rhode Island real estate agent, I can help you reach your home buying potential. Ensure you have the guidance you need from a Rhode Island real estate specialist. Call me today at 401.529.7849 or email me at RiByTheBay@gmail.com. Ensure you work with a RI real estate agent that protects your interests and not just theirs. Short Sale Sellers | RI Real Estate Home Buying.