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Have you heard the news?

Last week FHA announced that it is waiving the 90-day seasoning required for sellers.  This is truly great news for First Time Home Buyers and Real Estate Investors in New Jersey.

This change will allow buyers in New Jersey to use a FHA Mortgage when purchasing investor and bank owned properties that have been owned for less than 90 days by the seller.  The Department of Housing and Urban Development (HUD) said research shows that acquiring, rehabilitating and reselling properties to prospective homeowners often takes less than 90 days.

Here are the 6 things you need to know about these changes:

1. Waiver takes effect February 1st, 2010 for a period of one year unless extended.

2. Investors are now exempt from the 90-day seasoning rule.

3. All transactions must me arms-length.

4. No identity of interest can exist between buyer and seller.

5. If sale price is 20% or more of the seller’s acquisition cost, the lender must:
a. provide supporting documentation and/or a second appraisal and
b. order an inspection of the property and provide it to the buyer.

6. The waiver is limited to forward mortgages only.

To read the text of this waiver and specific details: http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

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With housing prices at their lowest in years and gift money of up to $8,000 available from the U.S. Government for First Time Home Buyers in New Jersey and up to $6,500 for Repeat/Move Up Buyers in New Jersey…now is a great time to buy.  You must purchase by the deadline to qualify for this tax credit.  CLICK HERE For Insider Information On This Program.

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I hope you have enjoyed this blog.

Until next time,

Tony
201-943-6800

P.S. Also, make sure you register for our Insider Mortgage Secrets, browse our HomeBuying Resources section and fill-out a free no-obligation secure online application or call our Edgewater, New Jersey (NJ) office in Bergen County (New Jersey Gold Coast) at 201-943-6800 with any questions you have.

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