Short Sale Q & A

What is a short sale?

A short sale is a program allowed by the lender that allows a homeowner to sell their home for less than the amount owed on the mortgage.

How can you be considered for a short sale?

You may be considered as eligible for a short sale if you have a hardship and can no longer afford the monthly payments on your home loan. Another scenario is if you your home is upside down or your loan is valued higher than the value of your home. To see if you can sell your home short call me.

Getting a Conventional Loan in Vancouver and Portland

• The borrower needs to have at least a 700 fico score.
• They need to be under a 41% debt to income ratio. If they have a 740 fico we can go to 45%.
• The property needs to be in the Portland – Vancouver metro area.
• It needs to be the borrowers primary residence.
• It can only be 1 unit properties.
• the 5% down payment needs to be from their own funds. It can not be a gift.

FHA Raising Mortgage Costs

FHA has just announced they will begin charging 2.25% in up front mortgage insurance (from 1.75% last year and 1.50% the previous year) and require 10% as a down payment for borrowers with poor credit scores.

You have until this Spring of 2010 to save the rate hike. Another reason the time to buy is now.

Portland Housing Inventory Drops

Vancouver Housing Inventory Drops

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