The news is spreading fast… the FHA has lifted the 90-day seasoning requirement! Unfortunately, much of the news is incomplete or inaccurate. Here’s the real deal…
- FHA financing is NOW available to borrowers purchasing properties owned less than 90 days that were acquired by foreclosure by mortgagees (i.e. lenders)
- This also includes any subsidiary of the lender or vendors used to market and sell property.
- This waiver applies whether or not the mortgagee is state-or federally-chartered (which was previously a restriction).
In the end nothing may really change for us investors.
To read the “official” HUD ruling:property flipping waiver request