I've recently moved a house onto a lot and contracted a construction company to remodel. Now the house is
complete and I'm going to the bank to complete my financing, and they are telling me that I can't get an FHA loan because the house has only been sitting there for 7 months (not a full year). Does anyone know if there are exceptions to this rule, and if so, how do I get around it?
Jordyheath,
Unfortunately a move on is a move on. Unless you have a Historic Texas Plaque it is just a move on.
The time will be up before you know it and the local bank should assist you. Even if you have to do a 90 day at a time, FHA after the 5 or 6 months are up.
Good Luck
Margaret
Thanks for the help. This is not a manufactured home or a mobile home. It is a normal single family home. As for the LTV ratio I've got about 30% equity in the home based on the new appraisal...does this rule only apply to manufactured homes? Maybe my banker doesn't know what he's talking about...
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