FHA Suspends 90 Day Seasoning Rule

FHA Suspends 90 Day Seasoning Rule
Good news for investors, effective 02/01/2010

Investors have been burdened in quickly re-selling investment property, as HUD has a regulation that says a property is not eligible for FHA insurance if the contract of sale for the purchase of the property is executed within 90 days of the prior acquisition by the seller.

So if you buy a property, rehab it and develop an appreciated value, a home buyer can not get an FHA loan until after 90 days. A serious delay in receiving a return on the investment.

But that changes effective February 1, 2010.

You may see the HUD announcement by going to their web site with the following link:

http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

seller financing IS AVAILABLE

16 Homes are available - with seller financing
Under $100,000 each; in Oakland County, MI
Each with 3+ BR, garage, basement
As of 01/03/2010

Chip RealEstate www. Chip-RealEstate.com
(248) 931-0084 going fast