getting around the fha 90 day season period

7 Replies

is there a way to get around the 90 day season period for selling to an fha buyer

Nope. Either wait or sell to a non FHA buyer.

@Juan Bustos has the buyer compared either HomePossible or Home Ready Conventional programs?

no buyer yet I just finished rehabbing this project in 6 wks  will put on mkt asking for conventional or cash

Don’t forget that VA is still eligible to sell too.

Originally posted by @Juan Bustos :

no buyer yet I just finished rehabbing this project in 6 wks  will put on mkt asking for conventional or cash

 Hi Juan,

I agree with @Melvin List . Your preferred residential lender would be happy to give you some fliers to put out at open houses so that you're postured up-front. 

FNMA HomeReady and FHLMC Home Possible have lower down payment requirements than FHA (3% instead of 3.5%), significantly lower closing costs, and cheaper monthly mortgage insurance (if you have good credit). It's overall better financing, so you're not "screwing anyone" by countering their FHA 3.5% down offer with "no FHA, but here's a 3% down option & go get cross-qualified with my lender that's familiar with it."

Lazy lenders like shoving everyone into FHA because it's less work. It's rarely the case that someone with decent credit should get an FHA loan on a SFR. That laziness is why you see so many FHA buyers out there, though some are in FHA because they have bruised credit as well.

Here's Fannie Mae's commercial for HomeReady. HomeReady and Home Possible will not work for everyone, due to income limits by census tract. Fannie lookup toolFreddie lookup tool -- put your address in both, see how wide/narrow your pool of non-FHA 3% down buyers will be.

@Chris Mason   tks for info my address does qualify  where do I get fliers to put in house  tks

Originally posted by @Juan Bustos :

@Chris Mason  tks for info my address does qualify  where do I get fliers to put in house  tks

 Your lender has them.

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