That's right!  In 365 days, aka 1 year after a Short Sale you will be eligible for an FHA loan in Jacksonville or Ponte Vedra Florida!

This is a recent underwriting change that affects people who have had a Foreclosure, Short Sale, or Bankruptcy.  Previously you had to wait 3 years after a Short Sale or Foreclosure and 2 years after a bankruptcy.  Seems that would have been in reverse, but at the time the federal government deemed short sellers to be a bigger threat to FHA than Bankruptcy.  I always thought this was odd .... but now it doesn't matter, both are just 1 year.  

Jacksonville FHA Limits = $387,500.  That's a lot of purchase power!

A few caveats:   FHA is allowing for the consideration of borrowers who experienced an "Economic Event"…

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Another Happy Home Seller - Hampton Park Jacksonville

Bank of America continues to be our largest supply of short sales.  I believe it is mostly due to their takeover of Countrywide back in the day, which gave them a less than favorable portfolio of loans that were defaulting about as fast as Countrywide was making new loans in 2005.  

Regardless, BOA and all their shell companies/affiliated servicing companies continue to work through the massive amount of home owners seeking short sale.  We've had great success with them as we've been able to set up processes to handle their ever changing process......and we've found the right inside people to go to with escalation request.  Having an inside person always helps!

One great thing about a Bank…

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WHOA we are in business!  The floodgates have re-opened and the buyers have finally gotten off the fence.  I'm sure the low interest rates combined with the fact that homes are priced lower than what they should be (cheaper to own than rent) has this market on fire.   The biggest problem right now is inventory.  Homes are still worth less than most people owe ..... about 40+% of Jacksonville home owners with mortgages are in this position, however there aren't enough homes on the market.  Buyers are in the market, but the homes are not.   WE NEED LISTINGS!!!

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