Well, they’ve been talking about it and now they’ve done it!
HUD announced that buyers using FHA loans no longer have to wait 90 days after the previous sale before buying a home that was recently foreclosed on.
In the Merced area, many investors are picking up great deals at the courthouse steps – or even bought through the MLS. Often the homes need some repair before they can qualify for loans so they must be purchased with cash. The investors are buying the homes, fixing them and putting them back on the market (Yes, flippers are back). Before they could only sell to buyers with conventional loans who could put down a large down payment – often 20% of the purchase price.
We have many local buyers who see this market as maybe their last chance to buy a home and who are all bidding on the same homes which will qualify for FHA.
Now, these buyers can purchase these recently sold homes that have already been fixed up so they are move-in ready.
Thanks, HUD, for helping my first time home buyers have an improved choice of homes to buy.
*The fine print – this goes into effect February 1st, and it is only for 1 year! For the real details either go to
http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-011
contact your lender for more details, or call me I’ll help you.
