Woodbridge VA Real Estate News About Faster FHA Foreclosure Sales For You
You Can Buy FHA Foreclosures Without The Wait In Woodbridge VA
Woodbridge Home Buyers Get Easy Foreclosure Homes For Sale
Woodbridge Home Loan Expert Explains How You Can Get A Foreclosure In Woodbridge Fast & Easy
Take three minutes out of your day to read a quick, power-packed explanation of new FHA guidelines that I got today from Tom Halfpap at Suntrust Mortgage.
Tom was already among the most sought-after loan officers in Woodbridge, 20+ years ago, when I left Fortune 500 America to start my own real estate company.
You must remember, not all loan officers are alike, they are not cookie-cutter stamped out of one mold.
The ordinary loan officer has, on average, just three (3) years experience.
The mortgage business is demanding. The business is fast-paced, over-regulated, complex, and often quite complicated.
Only smart and tough people like Tom Halfpap, with superior math skills, plus good "people" skills to THRIVE over 25 years in mortgage banking.
Tom got the early scoop on new rules from the Department of Housing and Urban Development (HUD) that shall make it easier to buy an FHA foreclosed home.
So I did a copy/paste of Tom's inside scoop into my blog.
New HUD Policy Created to Allow Quicker Foreclosure Re-sales!
Effective February 1, 2010 the Department of Housing and Urban Development (HUD) will relax FHA rules that prohibit insuring mortgages on homes that are owned by the seller for less than 90 days - a move that could help expedite the rehabilitation and resale of foreclosure properties.
In a housing market where tighter lending requirements have made FHA financing the only option for some buyers, this 90-day policy has (1) kept some homebuyers from being able to purchase affordable homes and (2) prevented the quick resale of foreclosed properties, which affects the ability of communities to stabilize and rebuild.
Research has shown that the buying, fixing, and reselling of foreclosed properties is often achieved in less than three months time.
The temporary waiver, which will expand access to FHA mortgage insurance to many, will be in effect for a period of one year, unless extended or withdrawn by the FHA.
With this in mind, now may be an excellent time to contact clients who have recently purchased a foreclosed property and those who may be on the fence about purchasing a foreclosure as a short-term investment.
"FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties," said FHA Commissioner David H. Stevens. "This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity."
To ensure FHA borrowers are protected from inflated prices, the policy has certain restrictions, including:
- All transactions must be arms-length and there can be no identity of interest between the buyer and seller.
- If the sales price of the property is 20 percent or more above the seller's acquisition cost, the lender must meet specific conditions for the waiver to apply.
- The waiver is limited to forward mortgages, and cannot be used under the Home Equity Conversion Mortgage (HECM) purchase program.
Opportunities Are Everywhere...We Can Help You Find Your Dream Home.
Erick Blackwelder or Peggy James of Erick and Company - Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-590-2252 list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Cannon Bluff, Meadowbrook Woods, Blooms Crossing, Manassas Park, Beaver Creek, Hunter's Ridge, Brittany, Manassas, Montclair, Dumfries, Occoquan, Dale City, Nokesville, or anywhere in Prince William County.
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