unseasoned home sales: FHA just "unseasoned" foreclosed home sales
- 01/17/10 11:56 PM
New Stimulus Takes Affect February 1 to Permit FHA Financing on Eligible Home Sales
HUD Secretary Donovan announced last week that commencing on February 1, 2010, a waiver of existing lending guidelines will be put in place to permit FHA financing to be utilized on homes owned by sellers for less than 90 days "in an attempt to stabilize home prices and accelerate the sale of vacant properties."
Currently, FHA lending guidelines prohibit the issuance of mortgage insurance (and therefore the granting of an FHA loans) on a home owned by the seller for less than 90 days, which has made it extremely difficult for banks who acquire foreclosed … (0 comments)
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New Stimulus Takes Affect February 1 to Permit FHA Financing on Eligible Home Sales
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