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Some Short Sale Borrowers Blocked From FHA Financing

Mortgagee letter issued

Dec. 17, 2009

By MortgageDaily.com staff


Guidance has been provided on when borrowers who have utilized a short sale can quality for a Federal Housing Administration loan.

The short-sale guidelines were outlined in Mortgagee Letter 09-52 yesterday from the U.S. Department of Housing and Urban Development.

The letter indicated that borrowers who used short sales to unload their primary residences then buy nearby properties at a lower prices are ineligible for a new FHA mortgage.

But if borrowers didn't use such a scheme and were current on their mortgage and installment debts at the time of the short sale, they are eligible for FHA financing as long as the short sale proceeds satisfied the reduced lien in full.

A borrower who was in default on the mortgage at the time of the short sale cannot qualify for an FHA loan within three years of the pre-foreclosure sale. But lenders have some flexibility in this area.

FHA will insure first mortgages when the existing note holder writes down the balance because of a decline in the property's value or a reduction in income.

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