HUD is Tightening UP-BIG TIME!!! BUY NOW!!!

Changes are coming to FHA, and they're not favorable to ease of home buying. There is no set date yet, but here's the short story:


Upfront MIP(Mortgage Insurance) will increase from 1.75% to 2.25%

Update to FICO scores and LTV maximums (620 minimum marketable, but down payment may increase to 5%)

Seller contributions will be reduced from 6% to just 3% to be in line with conventional markets

Increased audits of FHA lenders

As in so many things, the government appears to be attempting to regulate and stimulate the marketplace at the same time, without regard to consequences.


Thinking of buying, or selling??? Don't wait for the Government to make more regulations to the market they have tried to stimulate.



"The only competition worthy of a wise man is with himself"

-Anna Jameson



Lindsay Saunders, Realtor, REO Certified Specialist



Keller Williams Greenville Central Partners



864-607-0479 Direct



Saunders@kw.com



http://www.greenvillerealestategirl.com/

Calling All Real Estate Investors!!!

The FHA Commissioner announced that FHA will be waiving the 90 day seasoning regulation on properties that have a contract dated on, or after February 1, 2010. Up until 2/1/10, as an investor/flipper, you had to wait until the title was in the current owner/investor's name for 90 days before it could be sold to a new purchaser. Of course, there are guidelines for this, just like anything else. However, this is great news for investors who slowed down due to the restriction, or people with extra cash who want to get into investing and flipping real estate.

Remember real estate is about the only investment, that over the past 30 years, has had an average appreciation rate of 4 percent. Not many other investments have that kind of consistency rate.

Certain property may be resold and financed using FHA insured financing without waiting 90 days.

FHA has temporarily waived the 90 day wait period, on certain transactions. These recently purchased homes may be sold and financed with FHA insurance.

· Private sellers and investors are now eligible to take advantage of this waiver.


· These transactions must be arms-length, with no identity of interest between the buyer and the seller or other parties participating in the sales transaction.


· In cases where the sales price is 20% or greater than the seller's acquisition, the lender must justify the increase in value with supporting documentation of renovation, repair and rehabilitation work.


o If no such work was performed the appraiser must provide an appropriate explanation of the increase in property value since the prior title transfer.


o The lender must order a property inspection and provide that report to the home buyer. Buyer's may be charged for the cost of this inspection.


Thinking about buying or selling property??? I can help anyone, anywhere!!!

For more information, go to www.GreenvilleRealEstateGirl.com.

"Begin with the end in mind"

Lindsay Saunders, Realtor, REO Certified Specialist

Keller Williams Greenville Central Partners

864-607-0479 Direct

Saunders@kw.com

www.GreenvilleRealEstateGirl.com