FHA Is Making Life Easier For Sellers...

Good Morning!



FHA is instituting a temporary waiver of the 90 day seasoning rule for sellers.



This means a seller that has purchased a home doesn't have to wait 90 days to sell the home on an FHA loan.



Here are the 6 things you need to know about these changes:



1.
Waiver takes effect February 1st, 2010 for a period of one year unless extended.


2.
Investors are now exempt from the 90-day seasoning rule.




3.
All transactions must me arms-length.



4.
No identity of interest can exist between buyer and seller.


5.
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.

6.
The waiver is limited to forward mortgages only.


Have a good day today! ...and thanks for reading.


Brett