Financing in 30907>Question Details

Natalie Pote…, Real Estate Pro in martinez, GA

Has anyone heard that the 90 day Seasoning rule for FHA is now in effect with VA and Conventional mortgages

Asked by Natalie Poteete, martinez, GA Mon Aug 24, 2009

0 votes Share Flag Financing in 30907

Help the community by answering this question:

Answers

7
Thanks for the update, Sky! We lost at least 2 deals last year because of that rule. Hope they keep or positively modify this moratorium.
0 votes Thank Flag Link Sat Jan 16, 2010
90 day seasoning with FHA Gone???? Hallelujah http://wp.me/pLnXl-q
0 votes Thank Flag Link Sat Jan 16, 2010
There is no seasoning rule for conventional loans. Some lenders however are making up their own rules and not financing 90 day flips,you just need to work with a lender that doesnt make this an issue, we for instance can finance flips with conventional loans no problem, but I know certain lenders wont.
0 votes Thank Flag Link Mon Aug 24, 2009
interesting . Thanks. I wonder if it's on VA and Conventional or just FHA getting mixed answers on that. But the binding agreement info is VERY helpful. We were trying to figure out the dates on that.
Thanks!
0 votes Thank Flag Link Mon Aug 24, 2009
I am not sure what everyone else is hearing, Natalie, but the 90 day rule has been in effect for at least this entire year, excluding REO lender to lender business and lender to FDIC transactions. And by the way, it's 90 days from investor closing to the binding agreement date for buyer.
0 votes Thank Flag Link Mon Aug 24, 2009
sure. FHA's 90 day seasoning rule for investors(must own property 90 days before allowing a borrower to buy using FHA mortgage). Some lenders in Augusta have said that a new rule is here or is coming that VA an conventional financing is going to require investors to own property for 90 days before allowing a purchasing to finance. Others lenders have said they don't know about this. Just wondering what everyone else is hearing.
0 votes Thank Flag Link Mon Aug 24, 2009
Could you please be a little more specific in your question?
0 votes Thank Flag Link Mon Aug 24, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer