FHA 90 rule- can you buy a house that was bought less than 90 days ago?

By
Real Estate Agent with Realty ONE Group

I have been getting this question a lot lately. Because investors have begun buying and flipping homes again some are selling within 90 days of being bought by the investor. According to the FHA guidelines, a buyer cannot purchase a home that is being resold within 90 days. I have been informed by one of my lender's that the rules have changed and they have lifted that 90 day hold in order to reduce some of the inventory currently on the market. My best advice is to ask the listing agent ahead of time if that particular home has been purchased within 90 days and if so talk to the lender upfront to see if it is a home that the buyer can pursue. In most cases, it may not be. But if you have a knowledgable lender, then they may know how to get around the rule. According to the FHA, it is completely up to interpretation and just depends on who you get as an underwriter and which way they interpret the guidelines.

Good Luck, noone ever said getting a loan was easy, and it is even more difficult in this market.

Posted by

Betsie Melter, REALTOR, GRI, ABR

Realty ONE Group

3530 S. Val Vista Dr. #114 Gilbert, AZ 85297

480.734.3644

realtorbetsie@gmail.com

www.betsiemelter.com

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Rainmaker
288,237
Cherry Wings Realty
Cherry Wings Realty - Traverse City, MI
Your Traverse City Michigan Realtor

It wold seem that if an investor is purchasing some of our bank owned homes and refurbishing them that they should not be penalized for turning around and selling that move in ready home in 90 days.  On the other hand, not much makes sense anymore that our government does.

Oct 16, 2009 05:31 AM #1
Rainmaker
66,255
Verlyn Steward
Vision Realty Partners LLC - Mount Juliet, TN
Real Estate Answer Man

I clicked on your post because I was trying to clarify this exact situation.  My favorite lender is out of town.

 

Oct 16, 2009 05:33 AM #2
Rainmaker
2,953,428
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Hi Betsie,

I have been hearing different comments about this subject. A very good article.

John Pusa

Oct 16, 2009 05:37 AM #3
Rainmaker
559,378
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hello Betsie,

Welcome to Active Rain and congratulations on your first post! The opportunities to learn and network are incredible here. Best of luck to you!

-Keith

Oct 16, 2009 03:33 PM #4
Rainer
263,357
Jean Terry
Keller Williams Realty Spartanburg, S.C. - Spartanburg, SC

Hi and welcome to Active Rain, a great site to network, share, learn, and have fun. Good luck.  And if you ever need an agent in the upstate of South Carolina, please call me.

Oct 17, 2009 12:59 PM #5
Rainmaker
594,422
Letitia Stevenson
BHHS Fox & Roach | www.DelawareValleyRE.com - Greenville, DE
Listing Agent DE/PA/MD, Digital Marketer & Coach

Bestie, Welcome to Active Rain! Active Rain is a great place to share your knowledge, expertise and thoughts, as well as network and learn so much from the vast pool of talent already onboard.

Welcome Aboard and Much Success!

Dec 02, 2009 01:33 AM #6
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