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trade784
Dud?


Joined: 29 Jul 2009
Posts: 2

FHA property seasoning
PostPosted: Wed Jul 29, 2009 5:06 pm Reply with quoteBack to top

I am trying to sell a property that I purchased and renovated in Florida. I have only owned for 1 week. Will potential buyers be able to use FHA financing if they try to purchase with myself having < 90 days seasoning on title?

If FHA is not an option, does conventional offer 97% finaincing in Florida?
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Senk
Flash in the pan


Joined: 03 Sep 2008
Posts: 26

Re: FHA property seasoning
PostPosted: Wed Jul 29, 2009 9:54 pm Reply with quoteBack to top

<90 Days = Not available for FHA insured financing.
91-180 Days = Available for FHA insured financing IF validation of increased value can be proven (IE: new independant appraisal with documentation of renovation etc.)

As for conventional I would assume that there would be lenders in your area that can do 95% if they can get MI. But those lenders may be just as picky as FHA on seasoning.

Good Luck!
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trade784
Dud?


Joined: 29 Jul 2009
Posts: 2

90 Day Seasoning Rule Exception
PostPosted: Thu Jul 30, 2009 10:55 pm Reply with quoteBack to top

Are there exceptions to the 90 day seasoning rule?

I believe I read that bankds and community reinvestment were exempt.

Could I incorporate a company; say Community Rehab Housing, deed the property into that LLC, and then sell with <90 days seasoning?
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kuuner
Cherry Bomb


Joined: 13 Feb 2008
Posts: 182

Re: FHA property seasoning
PostPosted: Fri Jul 31, 2009 1:33 am Reply with quoteBack to top

The only "Exception" is if the property is bank or HUD owned. Otherwise, you MUST wait. Nothing you can do or say to circumvent the policy. The beauty and perhaps the curse at the same time with FHA is that the policies are uniform.
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Re: FHA property seasoning
PostPosted: Wed Mar 03, 2010 4:39 am Reply with quoteBack to top

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