Saturday, May 17, 2025
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Roseville

New Loan for Short Sale Borrowers

For several years, I have been saying at some point we will see lenders offering special financing programs to buyers who went through a short sale. 

First there was the FHA “Back to Work” program but it was so restrictive we never found anyone who would qualify.  Now I have been told there is a loan available after two years for borrowers who had a short sale as a result of a divorce.  I am told these loans can be as much as 90 percent loan to value as long as the divorce decree is available.

There are many former home owners who did nothing wrong and were caught up in the housing market correction.  They were paying their bills but were forced into short sales because they needed to sell their home at a time when the value had plummeted to less than the balance of their mortgage.  Some these were caused by job transfers but a large number were divorce related.  It is good to see lenders and the secondary market beginning to realize this and starting to offer loans to get these people back into home ownership sooner.

I don’t have the details of this program but if you or someone you know went through a short sale as a result of a divorce, please let them know they may be eligible for a mortgage sooner than they anticipated.  I would be happy to answer questions and help find the perfect home.

By the way, I just returned from Barrett, MN where I attended their annual “Settler’s Reunion,” which there summer celebration.  This was the first time I have ever spent any time in a small town, total population of less than 500 people.  I loved every minute, the people were friendly, open and having fun.  They have their problems but overall I left with the impression that “Small Town America” is doing well and recommend if you have the opportunity to spend some time in a small town this summer, do it.



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