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FHA drops 90-day waiting period

By
Real Estate Agent with SelEquity Real Estate

According to HUD, "For one year, the Federal Housing Administration (FHA) will insure foreclosed properties marketed and sold by property disposition firms on behalf of lenders. The properties, which must purchased by owner-occupants, will no longer be subject to the customary 90-day waiting period." Full Statement...

This should help more people get into homes that are bank owned (foreclosed), shrink excess inventory, and help to keep neighborhoods safe and attractive. There are many neighborhoods and climates where a 90 day waiting period, plus the lead time for marketing and other preliminary activities will really make a negative impact in the value of a property. This will help to improve vacancy rates and stabilize the condition of not just individual properties, but of the neighborhood as well.

Susan McQuaide
Keller Williams - Simpsonville, SC

Great info! Hadn't heard that

Jun 13, 2008 09:52 AM
Sam Miller
RE/MAX Stars Realty - Howard, OH
Knox County Ohio Real Estate Specialist

That is excellent news.  I have run into this more and more since the credit requirements for conventional loans was increased because my clients who used to use conventional have switched to FHA.

Jun 13, 2008 10:01 AM