On January 14, 2010 Secretary Donovan announced help is coming to local communities and nonprofit housing developers by granting $2 billion through the Obama administration in the Neighborhood Stabilization Program to counter the effects of vacant and abandoned homes.As well a temporary policy that will expand access to FHA mortgage insurance
Currently the FHA prohibits insuring a mortgage on a home owned by the seller for less than 90 days. The new rule concerning the 90 day purchase under a FHA mortgage has come in an effort to improve the Foreclosure market and stabilize home values. This will open opportunity for the quick resale of foreclosure properties and give FHA borrowers a wider choice for purchasing foreclosed properties for one year.
As of February 1, 2010 the new rule is limited to those sales meeting the following general conditions:
This policy change will allow buyers to use FHA insured financing to purchase HUD owned, bank-owned and properties resold through private sellers.
* All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
* In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.
* The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.
* In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions. These specific conditions include but not limited to ordering 2nd appraisal and/or a Property Inspection Report
My Members never had a problem with the 90 day seasoning because of the way we do short sales in my training.
Matter of fact we just closed another deal last week and we had our powerful paperwork sliding us right through the FHA seasoning guide lines. I have been doing these deals for over a decade and in the last year 60% of our buyers have been FHA Buyers.
Find out more about the new rules in the Real Estate Market, how to close your short sale deals with success, and help the homeowners in foreclosure.
Join me January 29-31,2010 in Orlando, Fl for my 3 Days Short Sale Training Event.
You do not want to miss the first night! My keynote speaker will be Frank McKinney!
Frank took off for Haiti shortly after the devastating earthquake. Come hear Frank update us on Haiti and share his remarkable knowledge of Real Estate. I will be giving a percentage of the proceeds to Franks Caring House Foundation for everyone that signs up for the event.
Reserve your Seat Here!
To Your Success
Hunter
407-772-2274
3dayslive.com
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