www.FHAHOMELOANSTACOMA.COM

Financing a home with a FHA mortgage in Tacoma can be a challenge if the seller has recently acquired the property.  Due to the large number of foreclosures and short sales, you may come across homes where the owner of the property has only owned the home for a short time.  In this case, if you are planning to finance the purchase with an FHA LOAN, you will have to wait 90 days before you can enter into a purchase and sale agreement to purchase the property. 

Hud has recently made some exemptions to this 90 Day rule.  Below are the exceptions:

* HUD Repo's
* Owned by Federal, State or Local Governments Agencies
* Owned by State of Federally Charted Financial Institutions
* GSE owned Fannie and Freddie Mac
* Inherited Properties
* Employer owned from employee transfers
* Non-Profits on HUD's approved list to purchase REOs at a discount
* Properties in a designated federal disaster area
* Builder selling newly built home
* Foreclosed, or Mortgagee (Lender) "acquired" properties

**Any title change to the property in the proceeding 90 days will trigger the 90 day rule.  Examples:  Seller transfer the property to a LLC, Seller creating a revocable living trust, Seller transferring the property to a living trust, and quit claim deed transfers. 

TIP:  Request a copy of the ownership record, preliminary title, or any other document to show how long the owner has owned the property before making a offer to purchase the property.

If you do have to wait for the 90 day period to expire, keep in mind you may be subject to higher interest rates in the future and may no longer qualify for the home.

For more information on this topic, Call Tacoma's #1 Mortgage Expert - Kevin Tinsley at (253) 472-1500 or visit us on-line at www.alltechmortgage.com or www.fhaloanstacoma.com