Maryland FHA Responds to Short Sales

On December 23, 2009, in Mortgage Programs, Mortgage Rates, Refinance Process, Tips And Advice, by Bill Sohan

Written by: Bill Sohan |

Maryland - 410-963-2308

Maryland FHA responds to Short Sales and here are the 5 things you need to know.

Changes are effective immediately.
Maryland borrowers ARE eligible for new FHA financing if they are 0X30 on the mortgage in the last 12 months and the proceeds from the short sale serve as payment in full.
Maryland borrowers whose mortgage was in pre-foreclosure status at the time of short sale are NOT eligible for FHA financing for 3 years.
Maryland borrowers are NOT eligible for new FHA financing if they pursued a short sale to take advantage of the declining market in order to acquire a similar or better property near their current residence.
On a Maryland FHA refinance, borrowers ARE eligible if the current lender chooses to write down the mortgage due to declining values or reduction in income.

Tagged with: 8000 Tax Credit • FHA 203k Rehab • FHA Loan Limits • FHA Mortgage • First-Time Homebuyer • Home Buyer Tips • Short Refinance

About the author

Bill Sohan

Bill Sohan is a Baltimore Mortgage Lender. He specializes in First-Time Home Buyer loans, Conventional, FHA, FHA 203K. FHA Streamlines, USDA Rural Home Loans, VA 100% Financing. For more information about Maryland home mortgages, please contact me at 410-963-2308

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