HUD has long required properties to be held for 90 days by the seller before the property could qualify for an FHA mortgage loan. Effective June 9, 2008, HUD has waived the 90 day requirement in regards to homes being sold by lenders who foreclose on a property.
CLARIFICATION: After further review it appears that this waiver will only affect properties for sale by mortgage companies due to foreclosure and the companies that they transfer the proeprties to in order to sell. Investors who "flip" properties may still be subject to the 90 day rule.
This waiver is good for only one year and will expire June 9, 2009.
As a HUD approved FHA mortgage lender, Ed Nailor can provide FHA loans for home owners and home buyers in the Charlotte area (including Concord, Gastonia, Matthews, Monroe, Huntersville and Ft. Mill as well as all of North and South Carolina.)
Apply online for your Charlotte area FHA mortgage loan
or call 704-651-8704 for your free mortgage consultation.