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FHA, Investors and Seasoning Issues
Finally........................ They woke up !
Posted by "http://www.trumpuniversity.com/blog/author/tina-merritt.cfm" on 3/25/2010 at 6:38 PM
As some of you may know, selling a property you have owned for less than 90 days to an FHA buyer has been virtually impossible for the past few years due to HUD seasoning guidelines.
On January 15, 2010 David Stevens, the Assistant Secretary for Housing, waived the existing guidelines regarding the seasoning issues until February 1, 2011.
To read the amended guidelines, here is the link:
"http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf"
Unfortunately, some lenders are not following these new guidelines and are still holding to the old with regards to FHA loan approvals.
I recommend the following if you are in a situation where you are trying to sell a home you have owned for less than 90 days and find yourself with an offer from an FHA buyer: inform the lender of the date you purchased the property and offer a list of improvements you have made. Then, send a copy of the new guidelines and request a statement from the lender's underwriting department that they will honor the amended guidelines issued by HUD.
Finally........................ They woke up !
Posted by "http://www.trumpuniversity.com/blog/author/tina-merritt.cfm" on 3/25/2010 at 6:38 PM
As some of you may know, selling a property you have owned for less than 90 days to an FHA buyer has been virtually impossible for the past few years due to HUD seasoning guidelines.
On January 15, 2010 David Stevens, the Assistant Secretary for Housing, waived the existing guidelines regarding the seasoning issues until February 1, 2011.
To read the amended guidelines, here is the link:
"http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf"
Unfortunately, some lenders are not following these new guidelines and are still holding to the old with regards to FHA loan approvals.
I recommend the following if you are in a situation where you are trying to sell a home you have owned for less than 90 days and find yourself with an offer from an FHA buyer: inform the lender of the date you purchased the property and offer a list of improvements you have made. Then, send a copy of the new guidelines and request a statement from the lender's underwriting department that they will honor the amended guidelines issued by HUD.
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