FHA 90-day rule

[Summit]

I got the full report back and was going to copy paste it in here.. The problem with that is this is a PDF File. There is more to this then what meets the eye and can go 100 different ways. The main point to touch on here is YES like shortsalepro said you can flip this property and you have to get that proof to the FHA lender now here is the issue depending on the State you are doing business this process can take anywhere for 5-45 days. The rule here is that you have to be the owner on record with the county. For a county to get the deed recorded can be a long process. Now with the way this is written some lenders will also tell you taht the Seller has to be on deed at least  days prior to closing. So this brings us back to Jan. 14th 2009 NO flipping for 90 days. To be honest your better off still not taking FHA. The whole way of looking at this is that all the lenders will figure this all out 366 days after the 1 year policy takes effect.

THIS IS WHY I SAY BUY THE NOTE!

[ryanpal]

I got the full report back and was going to copy paste it in here.. The problem with that is this is a PDF File. There is more to this then what meets the eye and can go 100 different ways. The main point to touch on here is YES like shortsalepro said you can flip this property and you have to get that proof to the FHA lender now here is the issue depending on the State you are doing business this process can take anywhere for 5-45 days. The rule here is that you have to be the owner on record with the county. For a county to get the deed recorded can be a long process. Now with the way this is written some lenders will also tell you taht the Seller has to be on deed at least  days prior to closing. So this brings us back to Jan. 14th 2009 NO flipping for 90 days. To be honest your better off still not taking FHA. The whole way of looking at this is that all the lenders will figure this all out 366 days after the 1 year policy takes effect.

summit, if the pdf doesn't have restrictions, you should be able to select the text and copy it.  you can do this with the menus by "select all" then copy and paste into the message box on the forum.

looking forward to the full report.

THIS IS WHY I SAY BUY THE NOTE!

[ryanpal]

For a county to get the deed recorded can be a long process.

Summit, are you sure about this?  I just got off the phone with a nearby county (one which I'm doing a short sale with an FHA buyer) and they said this is recorded the moment you pay for it.  You're given a book and page number.

[Summit]

Ryanpal,
 
       Depends on the State you are in. I think you are in Jersey so yes there you might be in luck. Some states it takes longer for the Deed to get totally recorded and some lenders are going to check with the County 20 minutes prior to funding the deal. So it really depends on the state

[stucky80]

The 90-Day Rule are actually rules on property reselling.
One example is: If you want to re sell a house to a buyer with the FHA loan, the rule is you have 90days before you can resell it to a buyer.

[Summit]

REALLY? 

[davidmontano]

Summit,

Would taking an FHA end buyer in CA work with the new rule?

[nimmysnv]

Hello !!!

Yes you can have cash dealings but it inot prefered as banking is the most preferable one.

But if the legal formalities are at its best and no issues is there ,then you can go with that.

Thanks