FHA Mortgage Question

Financing, Hard Money Lenders, Private Money
1

Hi! I have a question. I bought a property almost a month ago it required very little fix up (which is done now) and I’ve also found a buyer who wants to purchase the property with a FHA mortgage…(he only has 3%) I wanted to know if it would be possible for the loan to go through…even though I heard changes were made to the fha approval guidelines about title seasoning—

Thanks in advance

2

FHA regulations prohibit the funding of a purchase where the seller has not owned the property for at least 90 days.

Regards,

3

90 day lease option? ???

4

This usually doesn’t present itself as an issue as one could take upwards of 3 months to rehab a property.

Regards,

5

@Rich_in_CT

Actually a lease option doesn’t sound that bad…worth looking into. Thanks

@EZLoanz

See the thing was the house was in very good condition (its only a few years old) to begin with. It took less than 4 weeks to make all repairs.

6

Assuming that it has been 3-4 weeks since the acquisation date, just time the FHA purchase loan to close on or after 90 days from the acquisation date (HUD defines the seller’s date of acquisition as the date of settlement on the seller’s purchase of that property).

You must wait 91-180 days if you are reselling the property for => 100% of the original acquisation price.

If you need a slow lender, I’d like to volunteer :smiley: (I’m always asked to hurry up, so it would be nice to take my time for a change).

7

there are other alternatives to FHA. what state is the property in?

Thanks,

Anthony Limon