90 day rule: UPDATE: BEWARE the one year waiver on the 90 Day Rule - FHA Financing
- 03/25/10 03:24 AM
As a follow up to my previous post - most folks know that FHA requires 91 days to pass before a contract can be written on a property that has changed ownership in order for the buyer to qualify for an FHA loan. This is called the "90 Day Rule" and is designed to "protect FHA borrowers against predatory practices of ‘flipping' where properties are quickly resold at inflated prices to unsuspecting borrowers" for a quick profit. On Friday, January 15th, HUD announced a one year "waiver" taking effect on Monday, February 1st lifting the 90 Day Rule http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf to which … (2 comments)
90 day rule: HUD announces one year waiver on 90 Day Rule
- 01/18/10 10:10 AM
Most folks know that FHA requires 91 days to pass before a contract can be written on a property that has changed ownership in order for the buyer to qualify for an FHA loan. This is called the "90 Day Rule" and is designed to "protect FHA borrowers against predatory practices of ‘flipping' where properties are quickly resold at inflated prices to unsuspecting borrowers" for a quick profit. On Friday, January 15th, HUD announced a one year "waiver" taking effect on Monday, February 1st lifting the 90 Day Rule under (most) circumstance. Read in full here http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf regarding those requirements. WHAT … (5 comments)
As a follow up to my previous post - most folks know that FHA requires 91 days to pass before a contract can be written on a property that has changed ownership in order for the buyer to qualify for an FHA loan. This is called the "90 Day Rule" and is designed to "protect FHA borrowers against predatory practices of ‘flipping' where properties are quickly resold at inflated prices to unsuspecting borrowers" for a quick profit.
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