Short Sales, they happen. And if they happened to you in the last few years this post is for you. On Aug 15th the seasoning requirement will go from a 24 month period in some cases to a mandatory 4 years for conventional financing.
What that means to you? If you were trying to avoid the higher monthly mortgage insurance that is tied to FHA financing and were planning on buying a home using conventional financing and a larger down payment, and have a short sale inside of four years, your time is running out.
If you fall into this four year window where you’ve had a short sale, and were thinking about refinancing or buying a home, there has never been a better time to reach out and see how this change in lending guidelines is going to affect you.
If you have any questions, e-mail me or call at;
858.273.3663 ext 114