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Author Topic: REO FHA 90 day rule  (Read 1342 times)

Offline dnvrnoob

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REO FHA 90 day rule
« on: April 30, 2008, 12:33:18 pm »
Hi Everyone,

Thanks in advance for any time spent responding I really appreciate the feedback!

I am currently looking to buy a REO home with a FHA first time home buyers assistance.  I have recently encountered a problem with the FHA 90 day rule interupting my ability to purchase a home currently owned by the 'Bank'. 

The 90 day rule exempts all "Sales of properties by state and federally charted financial institutions and Government Sponsored Enterprises" from being effected by the rule. 

Having said this, the property's public records show the trustee as Wells Fargo N.A. (a federally chartered institution) and the grantee as "ABFC Asset Backed Certificates Series 2005-HE1".  In googling the ABFC , the grantee, i found little information other than some seeming connection to Fannie Mae.  If this was the case shouldn't this property be exempt from the 90 day FHA rule?

Any help is 1,000% appreciated.  Thanks!


 




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