Ventura County CA – We get this question a lot from people. “I am upside down and need to move. I would like to buy another home. Can I do that?” they ask us.
Today they can. FHA (the Federal Housing Administration) has a new program that enables you to short sale your existing home and buy a new home at today’s reduced prices.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
The home you purchase would have to meet FHA’s standard lending guidelines. FHA is a great mortgage program.
In fact, more people buying a home in today’s market are getting an FHA loan.
Here is what you would need to do to participate in the program:
1. Determine if you qualify to participate in the program. We have been told that you will need the following.
(Guidelines can change at any time, so make sure you check them with a Mortgage Professional familiar with the program.)
A. A 640 FICO credit score or better.
B. You must be current on all installment payments and your mortgage.
C. No bankruptcy or foreclosure on your credit in the last 7 years.
D. The home you are purchasing must be inferior to the one you are selling. I don’t know the exact guidelines, but I think it means it is a smaller home, or it has less bedrooms or a lower price.
E. You will need the 3.5% down payment for the new purchase.
2. Continue making your mortgage payments each month.
3. Talk to a Mortgage Professional and fill out FHA’s Short Sale and Buy Application.
4. Get pre-approved for your next home loan.
5. Put your home on the market with a licensed short sale realtor.
6. Once the short sale is approved, then you can start looking at other homes.
7. Close on selling your home and on purchasing the new property.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at email@example.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 805-208-0823
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Ventura County loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this,
Chris B Johnson Realtor
Which way is the Real Estate Market Headed? Get a Market Snapshot of your neighborhood:
MLS Market Snapshot Has the Market Stabilized
Chris is a Real Estate Agent at Prudential California Realty.
Phone: 805-208-0823. firstname.lastname@example.org.
Certified HAFA Specialist, Certified Short Sale Specialist
View My homes for sale at www.ChrisBJohnsonRealtor.com.
Chris B Johnson specializes in loan modification assistance and short sales in Ventura County California. Ventura County Loan Modification Help, Ventura County short sales. Ventura County Short Sale Realtor Short Sale Realtor. Ventura County CA Short Sales. Ventura County Realtor. Chris also provides Home Affordable Foreclosure Alternative Loan Modification and short sales help, Moorpark Loan Modification Help, Thousand Oaks Loan Modification Help, Westlake Village Loan Modification Help , Newbury Park Loan Modification Help, Camarillo Loan Modification Help, Santa Rosa Valley Loan Modification Help, Somis Loan Modification Help, Lake Sherwood Loan Modification Help, and Simi Valley Loan Modification Help, Moorpark short sales , Thousand Oaks short sales, Westlake Village short sales, Newbury Park short sales , Camarillo short sales, Santa Rosa Valley short sales, Somis short sales, Lake Sherwood short sales, and Simi Valley short sales. Moorpark Short Sale Realtor, Moorpark Short Sale Realtors, Short Sale Realtor. Ventura County CA Short Sales. Ventura County Realtor, Certified HAFA Specialist, Moorpark Short Sale Realtor, Thousand Oaks Short Sale Realtor, Westlake Village Short Sale Realtor, Newbury Park Short Sale Realtor, Camarillo Short Sale Realtor, Simi Valley Short Sale Realtor, Moorpark CA Short Sales, Thousand Oaks CA Short Sales, Westlake Village CA Short Sales, Newbury Park CA Short Sales, Camarillo CA Short Sales, Simi Valley CA Short Sales, Ventura County Foreclosure Help, Moorpark Foreclosure Help, Certified Home Affordable Foreclosure Alternative Specialist, HAFA, HAMP. You can find The Stop Foreclosure Institute of Ventura County at 587 W. Los Angeles Avenue, Moorpark, CA. 93021Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Chris B Johnson's personal views and do not reflect the views of Prudential California Realty. This information on Ventura County Short Sales: Can I buy again right after a Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.