When can seller aa buyer get under contract using FHA?

[Ibrahim Hughes]

Greetings All. As many of you rehabbers already know, although HUD waived the 90 day seasoning requirement, many lenders are still requiring it before they lend on a property. At least that's how it's going in NJ.

During the period when the seasoning requirement was in effect, HUD mandated that no agreement to purchase and sell could exists between the buyer and seller until the 91st day.

Now that the HUD requirement is waived, do the buyer and seller still have to wait 90 days before getting under contract? Or is that strictly a lender-based decision?

[Bryan Balk]

It is completely up to the lender most still require the 90 days. I would call around to local mortgage brokers and see what there rules are. Then push your buyer to use those lenders we often will reimburse for the home inspection if they use one of our preferred lenders that are fast and don't require the 90 days.