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Forums » REOs » 203K Funding

203K Funding Subscribe to 203K Funding

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Tag Tags: 2-3k rehab-funding


Arlene Eckert

· Northern New Jersey


Forum_avatar_avatar-aeckert

Icon_minipost May 21 '09, 10:01 AM

I just found a buyer for a property I want to flip (REO). He said he was using 203K Rehab funding, Will I have a seasoning issue with this type of loan? :roll:

Edited: 06/26/2010 at 08:18AM


Joel Soforenko

Real Estate Lender · Springfield, Massachusetts


Forum_avatar_avatar-jfsjd

Icon_minipost May 21 '09, 10:52 AM

Arlene, All FHA loans are subject to the 90 day rule. The property needs to owned by the Seller for 90 days before an FHA closing. The only exception right now is bank owned property. It usually takes about six weeks to process a 203k loan to closing, and this can be done during the 90 day period (with most lenders). So you're not losing that much time.

Joel Soforenko

Edited: 06/26/2010 at 08:18AM


Ryan ODonnell

Real Estate Investor · Westchester, Illinois


Forum_avatar_avatar-ryanod

Icon_minipost May 21 '09, 11:07 AM

I just had a closing fall through because it's 180 days not 90. It could be different in some areas, but that's an FYI in case you need to plan for that.

RyanOD

Edited: 06/26/2010 at 08:18AM


Arlene Eckert

· Northern New Jersey


Forum_avatar_avatar-aeckert

Icon_minipost May 21 '09, 11:09 AM

Thanks Joel that's what I was afraid of.

Edited: 06/26/2010 at 08:18AM


Gary St. Armand

Real Estate Investor


Forum_avatar_avatar-starmand

Icon_minipost May 23 '09, 10:03 AM

FHA requires 90 seasoning but Fannie doesn't have any such rules but different banks will have various seasoning periods. The end buyer may have better luck with a small local bank or a credit union.

Edited: 06/26/2010 at 08:19AM


Gary St. Armand

Real Estate Investor


Forum_avatar_avatar-starmand

Icon_minipost May 23 '09, 10:16 AM

Joel,
can you elaborate on the exception to the 90 day rule. If one is buying an REO from the bank, and the 90 rule doesn't apply to bank owned properties....... why would one be still be concerned about losing time?

When you say losing time, are you still talking about the title seasoning issue or the extra time that it takes to complete the deal.

Edited: 06/26/2010 at 08:19AM


Joel Soforenko

Real Estate Lender · Springfield, Massachusetts


Forum_avatar_avatar-jfsjd

Icon_minipost May 23 '09, 12:55 PM

Gary, Arlene has an investor's problem where she has has to wait until the 91st day of ownership to sell her property to a buyer using an FHA loan. In other words, she bought and rehabbed a property and it took her, say, four weeks to rehab after purchase. Now she has to wait another two months to sell it to a buyer who is using an FHA loan. She's losing money because of the extra two month wait.

The problem with a Fannie or Freddie purchase/rehab is more down payment and higher credit scores needed.

PS: Ryan, tell that buyer to call me, his bank or mortgage broker just cost you big time. FHA regs govern all - 90 days.

Joel Soforenko

Edited: 06/26/2010 at 08:19AM


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