January 20th, 2010 9:37 PM by Kathy Delbridge
1/20/10 - FHA Announces Policy Changes to Address Risk and Strengthen Finances
1/15/10 - 90-day Seasoning Waiver Expanded for Re-sales
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:
To read the text of this waiver and specific details: http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf
12-16-09 - Short Sales and Payoffs
In a mortgagee letter dated 12/16/09, HUD announced the following guidelines for buyer's that have had a short sale or short pay.
Borrowers are not eligible for a new FHA mortgage if they pursued a short sale agreement on his or her principal residence simply to do one of the following:
The above changes will certainly make a significant change to our market and affect your potential homebuyers. I hope you find this information invaluable and that you will be better prepared to work with your buyers.
The best news of these changes is obviously the 90-day seasoning waiver that has expanded. Make sure your Investors are aware of these changes. This will help them tremendously.
I will continue to monitor these changes and keep you up to date as needed. Thank you for your business and support.