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Mortgage Lenders, FHA Guidelines Question #5138169
06/19/19 07:15 AM
06/19/19 07:15 AM
Joined: Sep 2018
Posts: 551
diyjake Offline OP
diyjake  Offline OP

Joined: Sep 2018
Posts: 551
I got an interesting question for Mortgage Lenders. Anyone on here in that business?

If someone removes a spouse from a deed and goes to sell the house immediately (within 90 days) will the sell of the house be ok with FHA guidelines ? In other words will FHA approve the loan for the buyer? FHA has a 90 day rule because of house flippers.

The final rule requires that: a) only owners of record can sell properties that will be financed using FHA insured mortgages; b) any re-sale of a property may not occur 90 or fewer days from the last sale to be eligible for FHA financing; and c)

Last edited by diyjake; 06/19/19 07:31 AM.
Re: Mortgage Lenders, FHA Guidelines Question [Re: diyjake] #5138174
06/19/19 07:21 AM
06/19/19 07:21 AM
Joined: Apr 2010
Posts: 3,587
BMWTurboDzl Offline
BMWTurboDzl  Offline

Joined: Apr 2010
Posts: 3,587
No. You're fine.

Flipping is defined as the acquisition of and subsequent selling of the home within 90 days. In your situation the two of you already own the home and one owner was removed.

Last edited by BMWTurboDzl; 06/19/19 07:23 AM.

“It took untold generations to get you where you are. A little gratitude might be in order. If you’re going to insist on bending the world to your way, you better have your reasons.”

Re: Mortgage Lenders, FHA Guidelines Question [Re: diyjake] #5138227
06/19/19 08:20 AM
06/19/19 08:20 AM
Joined: Sep 2018
Posts: 551
diyjake Offline OP
diyjake  Offline OP

Joined: Sep 2018
Posts: 551
That is what I was thinking but I didn't know how lenders look at things.

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