Las Vegas & Henderson Nevada Short Sale Agents

Eligibility Criteria Overview for FHA’s Pre-foreclosure Sales (PFS) Program

• Home X Occupied by owner (no investment properties)
• Existing Mortgage X Must be 31 days delinquent at time of Pre-foreclosure Sale closing
• Borrower X Must provide documentation (1) proving reduction in income or increase in living expense and (2) verifying that the borrower needs to vacate the property, if applicable

Features of this program include, but are not limited to:

1. $1,000 incentive to Mortgagor if closed within 3 months from the date of application; thereafter, the incentive is reduced to $750.
2. An additional amount up to $1,500 for the discharge of junior liens after the mortgagor’s incentive has been applied
3. All reasonable costs of the sale are allowed, including up to 6% sales commission, local/state transfer tax stamp and other customary closing costs.
4. Up to 1% of the buyer’s mortgage amount for the closing cost to be included in the “Seller’s Costs” on the HUD-1 for all transaction that involve a new FHA-insures mortgage

For a full description of this program, click here.