Betsie Melter's Real Estate Blog: FHA 90 rule- can you buy a house that was bought less than 90 days ago?

FHA 90 rule- can you buy a house that was bought less than 90 days ago?

I have been getting this question a lot lately. Because investors have begun buying and flipping homes again some are selling within 90 days of being bought by the investor. According to the FHA guidelines, a buyer cannot purchase a home that is being resold within 90 days. I have been informed by one of my lender's that the rules have changed and they have lifted that 90 day hold in order to reduce some of the inventory currently on the market. My best advice is to ask the listing agent ahead of time if that particular home has been purchased within 90 days and if so talk to the lender upfront to see if it is a home that the buyer can pursue. In most cases, it may not be. But if you have a knowledgable lender, then they may know how to get around the rule. According to the FHA, it is completely up to interpretation and just depends on who you get as an underwriter and which way they interpret the guidelines.

Good Luck, noone ever said getting a loan was easy, and it is even more difficult in this market.

Betsie Melter, REALTOR, GRI, ABR

Realty ONE Group

3530 S. Val Vista Dr. #114 Gilbert, AZ 85297

480.734.3644

realtorbetsie@gmail.com

www.betsiemelter.com

6 comments • Betsie Melter • October 16 2009 12:28PM

Comments

It wold seem that if an investor is purchasing some of our bank owned homes and refurbishing them that they should not be penalized for turning around and selling that move in ready home in 90 days.  On the other hand, not much makes sense anymore that our government does.

Posted by Christine Stalsonburg Your Traverse City Michigan Realtor (Re/Max Bayshore Properties) over 2 years ago

I clicked on your post because I was trying to clarify this exact situation.  My favorite lender is out of town.

 

Posted by Verlyn Steward (Vision Realty Partners LLC) over 2 years ago

Hi Betsie,

I have been hearing different comments about this subject. A very good article.

John Pusa

Posted by JOHN PUSA 01044712 (Prudential California) over 2 years ago

Hello Betsie,

Welcome to Active Rain and congratulations on your first post! The opportunities to learn and network are incredible here. Best of luck to you!

-Keith

Posted by Keith Elliott Jr - Principal Broker / Owner (KEIRE Realty Group) over 2 years ago

Hi and welcome to Active Rain, a great site to network, share, learn, and have fun. Good luck.  And if you ever need an agent in the upstate of South Carolina, please call me.

Posted by Jean Terry (Keller Williams Realty Spartanburg, S.C.) over 2 years ago

Bestie, Welcome to Active Rain! Active Rain is a great place to share your knowledge, expertise and thoughts, as well as network and learn so much from the vast pool of talent already onboard.

Welcome Aboard and Much Success!

Posted by Letitia Stevenson | Delaware Pennsylvania Real Estate DE PA (Prudential Fox & Roach | DE PA Real Estate & Homes for Sale) over 2 years ago

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