My Mortgage Blog

FHA just put in place a waiver that will allow a buyer to purchase a house that has been flipped in less than 90 days.

The waiver goes into effect February 1^st and is in place for 1 year. There are a few conditions for this though.

All transactions must be arms-length, with no identity of interest between the buyer and seller.

The purchase amount should NOT exceed 20% of the seller’s acquisition cost. But, if it does FHA has a few additional guidelines to follow…if the lender chooses to push this 20% limit.

As of right now many lenders are still reviewing this update to determine if they are going to adopt or NOT.

We’ll let you know!!

Well we already lost control of ordering appraisals for conventional financing, now on February 15th we lose it for FHA.  This means even more delay in the process as your appraisal order goes into a corporate black hole of appraisal orders only to be found by an appraiser that lives 50 minutes away from your new home and knows nothing of the area. 

But, it is what it is and the bottom line is that there are still some great homes to buy...just be patient!

Call us with your questions 772-263-2820.

Here’s a quick look at the market…

Rates were better just over a .25% on the 30 year…this is compared to the prior week.

But overall rates are higher and are going to continue in that upward trend.

We might see a little rebound so float with caution if you want to try to work it for every penny!

This week we have a few events going on…

The most important are December retail sales, CPI, and industrial production and factory usage.

But rates are going to be influenced this week by the demand…or lack there of demand we see in the $84B of notes and bonds being sold off this week by the treasury.

So again…float with caution…especially if you're closing within the next week.

Don’t forget that Monday is Martin Luther King Jr Day so Banks and markets are closed!!

Need a mortgage?  Call now 772.263.2820