BIG news for house flippers in Greenville, SC:
Today FHA announced that the temporary FHA Proeprty Waiver that allowed FHA buyers to purchase a home where the seller has been on title less than 90 days will expire December 31, 2014.
This means that any buyer using FHA must show that the current owner of record has been on title for >90 days from the contract execution date. Even the loan application date must be >90 days from the deed transfer date.
The waiver had been in effect since 2010. This is not generally perceived as good news that this waiver is expiring.
All contracts that are executed prior to Dec 31, 2014 will be eligible under the current waiver. Note: they don't have to close prior to Dec 31, 2014.
Excemptions to this rule include sales by HUD under HDs regulations in 24 CFR part 291, property sold by not-for-profit orgionaizations that have been approed by HUD to sell HUD properties, property sold by federal agencies including but not liited to FHA, VA, USDA, property sold by federaelly chartered institutions, property sold in areas designatied as federal disaster areas, property sold by Fannie Mae or Frddie Mac or any government sponsored enterpeise, or property sold by HUD through issuance of notice.
This affects sales FHA Mortgages in Greenville, SC as well as anywhere in the United States where FHA financing is used.
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