Aundrea Beach-Greco Mortgage Blog FHA 90-Day Seasoning Waiver Expanded January 18th, 2010 12:55 PM 1.18.10 GREAT NEWS!!! FHA 90-Day Seasoning Waiver Expanded FHA LOANS WILL BE AVAILABLE ON PROPERTIES OWNED LESS THAN 90-DAYS! NO MORE WAITING FOR THE 91st DAY TO GO TO CONTRACT!!! This update from FHA was released on Friday January 15th, 2010, as an excerpt from the CFR (Code of Federal Regulations) without a corresponding Mortgagee Letter and contains information about FHA's policies regarding the waiver of the 90-day seasoning required for sellers. Here are the 6 things you need to know about these changes: Waiver takes effect February 1st, 2010 for a period of one year unless extended. Investors are now exempt from the 90-day seasoning rule. All transactions must me arms-length. No identity of interest can exist between buyer and seller. If sale price is 20% or more of the seller's acquisition cost, the lender must: a. provide supporting documentation and/or a second appraisal and b. order an inspection of the property and provide it to the buyer. The waiver is limited to forward mortgages only. To read the text of this waiver and specific details: http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf To read this press release in its entirety, please visit: http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-011 Please call me with any questions on this new FHA announcement. Aundrea Beach-Greco 702-326-7866 info@aundreabeach.com Posted by Aundrea Beach-Greco on January 18th, 2010 12:55 PMPost a Comment (0) Subscribe to this blog * Name: * Email Address: URL: Comment: Type the characters you see in this picture, click "Submit" when finished.   This helps us prevent automated programs from posting comments and sending spam. * Name: * Email Address: Address: City: State: Zip:   This helps us prevent automated programs from creating bogus contacts and adding them to your contacts database.

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