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Starting Feb. 1, housing regulators will suspend for one year a 90-day waiting period on property resales that it says has put FHA borrowers at a disadvantage in bidding on foreclosed properties. The waiting period on FHA financing of resales was implemented in 2003 to protect the Federal Housing Administration’s mortgage insurance program from the impacts [...] FHA, as part of the stimulus package, changed the loan limits for Maricopa County. They went from $271,050 to $346,250. You can check the changes for other counties at https://entp.hud.gov/idapp/html/hicostlook.cfm This is good news for those wanting to buy higher priced homes. Once again, there is an adjustment in the requirements of the FHA Underwriting. This one comes about because of the buy and bail tactic that is becoming popular. It’s disappointing that we have to continue to make getting a load so much more harder. |
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