Is Long Beach Home Loan Approval After Short Sales Possible?

Long Beach home loan approval can be yoursHave you worried about getting a Long Beach home loan approval?

If you have been through a recent short sale, it may still be possible to obtain an FHA loan for a beautiful Long Beach home. If your short sale has closed on a non FHA property before the application date for the new loan, you may be eligible for a new FHA loan if you meet certain criteria. For instance, the short sale home must have been your primary residence and mortgage and installment debt payments on the previous residence must have been made within the month due for twelve months before the short sale.

In addition to these criteria, you may still obtain a Long Beach home loan if the reason for your short sale was not to take advantage of the depreciating real estate market or to buy another property in a nearby location for a reduced price. Furthermore, if you were in default at the time of the short sale, you may not have to wait for the three year requirement if documentable extenuating circumstances existed. If you experienced  an “economic event” due to employment or reduced income, you are likely eligible for a Long Beach home loan. Programs require housing counseling and proof of current steady employment and income recovery.

If you have been through a recent short sale or recent job transition and are interested in purchasing a new Long Beach home, give me a call today or spend a couple of minutes and fill out this pre-approval application. As a professional lender, I may be able to make this dream a reality sooner than you think.

About Ric Dizon

Ric Dizon is a mortgage consultant (NMLS 230093) with imortgage, a premier mortgage banker in Long Beach, California. He's in love with four things in life...being a dad, his Ku'uipo Pamela, Hawaii and finding you the right home loan. Connect with Ric on Facebook, Google+, Pinterest, Twitter and check out his Instagram photos.