90-Day Seasoning Waiver Expanded

Great News for Investors

Effective February 1, you will NOT have to wait 90 days to resell a property.

This update from FHA was released on Friday January 15th, 2010, as an excerpt from the CFR (Code of Federal Regulations) without a corresponding Mortgagee Letter and contains information about FHA's policies regarding the waiver of the 90-day seasoning required for sellers.

Here are the 6 things you need to know about these changes:

1. Waiver takes effect February 1st, 2010 for a period of one year unless extended.

2. Investors are now exempt from the 90-day seasoning rule.

3. All transactions must me arms-length.

4. No identity of interest can exist between buyer and seller.

5. If sale price is 20% or more of the seller's acquisition cost, the lender must:
a. provide supporting documentation and/or a second appraisal and
b. order an inspection of the property and provide it to the buyer.

6. The waiver is limited to forward mortgages only.

In the 18 years that I have been in the mortgage business, I have successfully closed over 3,000 loans that total to almost $1 billion in production. My goal is to make the mortgage experience as easy as possible. Call me today for programs including 100 financing. 864-451-7894