Financing in 70816>Question Details

Wendell, Other/Just Looking in Baton Rouge, LA

Non-FHA loan needed. I need a loan whereby I can buy a house from an investor friend of mine. He gets these houses for much less than they are worth

Asked by Wendell, Baton Rouge, LA Tue Dec 1, 2009

and then will sell me one for 90% of appraisel. The problem is he sells them very quickly after he buys them. Mostly to cash buyers. He will sell me one, but FHA has a 90 day seasoning of title. Where can I get a loan that is based on my credit score and that is not worred about how long the previous owner has been on title?

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1st of all "your investor friend" must actually own the property before you write a purchase agreement.
0 votes Thank Flag Link Mon Apr 2, 2012
Conventional will be the way to go. You can go with Fannie Mae's 97% loan. The mortgage Insurance premium is higher than if you were to put 5% down. You can still go FHA if you fall under the exception rule:

Sec E. Exceptions to the 90-Day Restriction. The HOCs do not have the authority
to waive these requirements. The following are the only exceptions to the
90-day restriction permitted:
1. Properties acquired by an employer or relocation agency in connection with the relocation of an employee.
2. Re-sales by HUD under its Real Estate Owned (REO) program are not subject to the time restriction. However, any subsequent re-sale of such a property must meet the 90-day threshold in order for the mortgage to be eligible as security for FHA insurance.
0 votes Thank Flag Link Wed Dec 2, 2009
Since you are in Baton Rouge, Call Kurt Landry at Omni Bank. He is a lender that I use on a regular basis and has many forms of financing. Tell him your situation and he will do his best to help you. You can reach him at Ph: 225.248.0023 ext. 611.
Web Reference:
0 votes Thank Flag Link Tue Dec 1, 2009
Check out a USDA Home Loan. There is no seasoning. The home must be in an eligible area. Go to the web site below and click eligibility maps to determine if the area qualifies.

Steve Jeppesen
0 votes Thank Flag Link Tue Dec 1, 2009
I think you can do a convention loan. They do not have a seasoning time, unless it just changed. You should call Beki with Fairway Mortgage at 806-1919 and she can give you the up to date on seasoning requirement and if there is a way to make the loan, she will be your person.
0 votes Thank Flag Link Tue Dec 1, 2009
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