New HUD announcement: Short sell your house and buy a another

The department of housing and urban development(HUD) has a new FHA program.  You can now short sell your house and qualify to purchase another one.  You no longer have to wait 3 years.  There are however qualifications for this program.

1.  Get approved from a mortgage company before selling your house.

2.  Your credit score must be at least 620.

3.  $360,000 is the maximum value of the sale.  You also must come up with 3.5% of the down payment. 

4.  Make sure your payments are on time.

More information can be found here, http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-52ml.pdf.