FHA Lifts Waiting Period for on Columbia SC Real Estate Foreclosures
I recently wrote about how you can obtain a Columbia SC Real Estate FHA Loan with NO MONEY DOWN, now there is some news that you need to be aware of.
There is great news for every Columbia SC Real Estate investor who reads this. Recently, the FHA (Federal Housing Authority), lifted their 90 day seasoning requirement on FHA Loans.
In the past, it was required that the owner of a house, whether bank, Columbia SC Real Estate Investor, etc, owned the house for at least a 90 day period. This was put into place to keep investors from Flipping houses over night. That is a different story on stifling capitalism for another day.
So what does this mean for you, the Columbia SC Real Estate enthusiast? It means, that you can buy houses that are recent foreclosures, flips, etc and receive FHA financing, or you can sell your Foreclosures, investments, etc which you have held for less than 90 days, and your Columbia SC Real Estate buyer can receive FHA financing.
According to a CNBC editorial,
“This latest effort will lift the waiting period normally required for homes purchased by owner-occupants that are financed through this federal mortgage guarantee program…
“A glut of foreclosed and abandoned homes harms neighborhoods, frustrates home buyers and delays a community’s recovery,” said Brian D. Montgomery, assistant secretary of housing-Federal Housing Commission.
The latest policy is intended to help stabilize neighborhoods experiencing high rates of foreclosures by reducing the inventory of unsold property.
This is absolutely great news for all Columbia SC Real Estate investors, buyers, and banks.
People are going to ask, so let me explain:
How is this going to help me as a Columbia SC Real Estate Buyer?
Simple, now you can purchase newly foreclosed homes and receive FHA financing and insurance. Typically you can get a great deal on Columbia SC Real Estate foreclosures, especially in this market.
If you have any questions about FHA mortgages, I am always ready to help! Feel free to contact me.
Filed under: Columbia SC Real Estate Buyers, Sellers
