If you’ve been in the unfortunate position of being on the Selling side of a Short Sale – our hearts go out to you. We are sure it was a difficult decision to make, but now that it’s behind you – maybe you’re ready to buy a new house in North Carolina?
We had a call this morning from a guy who left Florida in e to Raleigh, North Carolina with a new job. The family is now settled, they love the area, and he called with this question.
There are some important features to the way a USDA Loan Underwriter will look at your mortgage application that differ from other mortgage loan programs. Because the USDA Home Loan program does not require https://rksloans.com/payday-loans-ca/ a down payment – it’s inherently more risky than other programs, like FHA, and the credit underwriting for the program is more conservative as a result.
Frankly, depending on the Bank you had your other mortgage with – they might report it as a Short Sale, and they might not
I’ve looked online, and I’ve found forum comments on Zillow and Trulia that state you can get a USDA Loan with a shorter waiting period… Read more “The USDA Loan waiting period after a Short Sale is 36 months from the date of transfer”