Friday, February 8, 2008

HUD SHORT SALE GUIDELINES

Here is a summary of the requirements for an FHA-insured Short Sale:

1. The borrower must be delinquent at least 3 months.
2. Net proceeds of the offer should be at least 82% of appraised value.
3. The appraised value should be at least 63% of the mortgage.
4. The mortgagor must be an owner-occupant.
5. There is verification of the borrower's decrease in income showing inability to pay the mortgage.
6. The property was marketed in such a manner that an offer for fair market value could be obtained.


I found this information on the U.S. Department of Housing and Urban Development website. The site provides many helpful links for those in financial trouble. Remember, these guidelines apply to FHA-insured loans only, and there may be some latitude in those requirements.

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