Financing, Home Buyers, Investors

HUD Waives FHA 90 Day Seasoning Rule – Charlotte, NC

As the number of foreclosures continues to climb in Charlotte and across the nation, investors are seeing terrific opportunities to buy distressed properties, fix them up, and sell them for a quick profit. However, HUD has a rule in place that does not allow buyers to obtain FHA mortgage insurance on any property that has not been owned by the current owner for at least 90 days. In our current market where many buyers are seeking FHA financing, this really puts a crimp on investors to buy these foreclosed and distressed properties.

This all changed this month when HUD decided to waive the rule and for the next year allow buyers to obtain FHA mortgage insurance on foreclosed bank owned properties as well as properties flipped by investors. There are a few limitations to the waiver, but for the most part, this will open up many opportunities for buyers currently looking for good deals.

Investors can now purchase these properties with confidence that they can renovate the home in as few days as possible and list it for sale quickly for any and all buyers to purchase.

If you’re interested in buying a foreclosed, distressed, or recently renovated home in the Charlotte area, and you’re searching for a great deal, give me a call and I can update you on the latest properties that fit your needs.