Recent Topics
UOA Corvette Z06 LS7
by randomhero439 - 12/13/19 05:34 PM
CCA va Reserve Capacity
by Gebo - 12/13/19 04:51 PM
Key fob 3v
by Duffyjr - 12/13/19 04:47 PM
car fax Diy uploads
by WhyMe - 12/13/19 04:43 PM
Jeep 4.0 - 6400MI - 22k on XG8A(Fram Ultra) - Particle Count
by thescreensavers - 12/13/19 04:34 PM
New M340i - Performance Center Delivery
by gofast182 - 12/13/19 02:47 PM
M1 EP 5w-20 burning off in focus
by volk06 - 12/13/19 02:44 PM
Book Rates vs Reality
by madRiver - 12/13/19 02:35 PM
Cheap diesel at one station
by sloinker - 12/13/19 02:18 PM
2006 Ford Fusion 3.0L - cold start issue
by DriveHard - 12/13/19 02:15 PM
BMW N52 low annual miles question +
by GJM120 - 12/13/19 02:10 PM
Wix response to filter efficiency
by mpgo4th - 12/13/19 02:03 PM
Ford warranty and DIY OCI?
by buck91 - 12/13/19 01:27 PM
Corvette C8 Sold Out, Speculating Resale
by dareo - 12/13/19 01:02 PM
1st Electric Aircraft for Commerical Flight!
by paoester - 12/13/19 12:36 PM
Calling retired detailer Rick from Texas
by Vikas - 12/13/19 11:49 AM
Why buy OE filter?
by dogememe - 12/13/19 11:16 AM
Newest Members
puppykat33, fatts, mb20music, Jaglenn, kalima
70117 Registered Users
Who's Online Now
104 registered members (AndyB, 2015_PSD, 2010Civic, 14Accent, askani79705, 2strokeNorthstar, 7 invisible), 1,993 guests, and 22 spiders.
Key: Admin, Global Mod, Mod
Forum Statistics
Forums67
Topics298,769
Posts5,140,774
Members70,117
Most Online3,589
Nov 2nd, 2019
Donate to BITOG
Print Thread
Hop To
Mortgage Lenders, FHA Guidelines Question #5138169 06/19/19 06:15 AM
Joined: Sep 2018
Posts: 732
D
diyjake Offline OP
OP Offline
D
Joined: Sep 2018
Posts: 732
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 http://teammovemortgage.com/2015/05/14/fha-flipping-rules/ ? 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 06:31 AM.
Re: Mortgage Lenders, FHA Guidelines Question [Re: diyjake] #5138174 06/19/19 06:21 AM
Joined: Apr 2010
Posts: 4,337
B
BMWTurboDzl Offline
Offline
B
Joined: Apr 2010
Posts: 4,337
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 06:23 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.”

435i
Re: Mortgage Lenders, FHA Guidelines Question [Re: diyjake] #5138227 06/19/19 07:20 AM
Joined: Sep 2018
Posts: 732
D
diyjake Offline OP
OP Offline
D
Joined: Sep 2018
Posts: 732
That is what I was thinking but I didn't know how lenders look at things.

Previous Thread
Index
Next Thread

BOB IS THE OIL GUY® Powered by UBB.threads™