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Breaking News*********Kim and I will be talking about this program this week on our coaching calls with Harris Real Estate University Sign up and Log in to the Thursday Call 10:00AM PST

As our subscribers know…Kim and I are always looking for the latest and greatest news on Short Sales.

I liken this news to the Sounds extreme I know but this is just the beginning.

A lender from California is offering an FHA 3.5% purchase program for current homeowners that are selling their property on short sale.

The program works like this… The short sale of the current home and timing the purchase of the next home run simultaneous.  The day after the “short sale” home sells, the closing of the “new” home takes place.

This can be a bit tricky with the unpredictable length of the short sale approval and placing an offer on a property on today’s market…however a huge win and step in the right direction for our Short Sale sellers.

And, the program is currently available in 45 states… (program not currently available in Alaska, Michigan, Missouri, Ohio and Wisconsin).

It doesn’t stop there.

If you have a client that sold their home on a short sale that wants to buy another home, as long as they meet some additional criteria…paying their rent on time for a year…they may also qualify for this program.

Your asking…what is the criteria?

Here it is:

(1)   Purchase price of new home cannot exceed original (short sell) home loan(s).

(2)   Minimum 640 FICO Credit Score throughout the Short Sell and New Home purchase process

(3)   Adhere to HUD County Limits on New Loans

(4)   No Mortgage “lates” last 12 months, nor through the new home purchase

(5)   There are no income limits

(6)   Non owner-occupant, co-borrowers are allowed

(7)   Competitive FHA lending rates available for this program

(8)   Must qualify with normal income ratios

(9)   3.5% minimum down payment on new home ~ Gifts are OK