Comments on: Mortgage Lending Guidelines and Advice 101 http://www.southwestmortgageadvisor.com/first-time-homebuyer-information/mortgage-lending-guidelines-and-advice-101/ Mortgage Advice for Arizona Thu, 02 Feb 2012 19:52:25 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: Gary http://www.southwestmortgageadvisor.com/first-time-homebuyer-information/mortgage-lending-guidelines-and-advice-101/comment-page-1/#comment-4825 Gary Fri, 27 Nov 2009 15:48:44 +0000 http://www.southwestmortgageadvisor.com/?p=366#comment-4825 Jim, Thanks for the comment. Let me try and answer your question for you. Each individual mortgage bank who buys the end loan now is adding on their own overlay guidelines. Most investors now require 90 day title seasoning for most mortgage products, and I think it will continue to get stricter. The banks are still having high default rates and flipping homes with increased values is one of the areas they have been watching as a potential risk to their loan. One thing I can tell you is that not all investors out there on conventional loans have this 90 day title seasoning issue. For instance we have one specific mortgage investor we work with that only requires 1 day on title. So be aware you will still have options to get your property sold, but will need to work with a lender that knows how to get around the 90 day rules. Gary Miljour Jim,

Thanks for the comment. Let me try and answer your question for you. Each individual mortgage bank who buys the end loan now is adding on their own overlay guidelines. Most investors now require 90 day title seasoning for most mortgage products, and I think it will continue to get stricter. The banks are still having high default rates and flipping homes with increased values is one of the areas they have been watching as a potential risk to their loan. One thing I can tell you is that not all investors out there on conventional loans have this 90 day title seasoning issue. For instance we have one specific mortgage investor we work with that only requires 1 day on title. So be aware you will still have options to get your property sold, but will need to work with a lender that knows how to get around the 90 day rules.

Gary Miljour

]]> By: jim t http://www.southwestmortgageadvisor.com/first-time-homebuyer-information/mortgage-lending-guidelines-and-advice-101/comment-page-1/#comment-4824 jim t Fri, 27 Nov 2009 02:51:17 +0000 http://www.southwestmortgageadvisor.com/?p=366#comment-4824 Gary, I enjoyed reading all your posts. You seem to be very well informed of what is currently going on in the market, so i was wondering if you could answer a question which nobody seems to know the answer to. I purchased a property at a trustee sale and did conventional financing on this. Two months later I put it on the market for sale and received multiple contracts. The contract I accepted was conventional because of the 90 day seasoning rule with FHA. It appears that this lender and most lenders now require min 90 day seasoning just like FHA. The funny thing is not it is not an actual rule of Freddie or Fannie but the underwriters.Any guidance you could share with me would be great. Tanks Jim Gary,
I enjoyed reading all your posts. You seem to be very well informed of what is currently going on in the market, so i was wondering if you could answer a question which nobody seems to know the answer to. I purchased a property at a trustee sale and did conventional financing on this. Two months later I put it on the market for sale and received multiple contracts. The contract I accepted was conventional because of the 90 day seasoning rule with FHA. It appears that this lender and most lenders now require min 90 day seasoning just like FHA. The funny thing is not it is not an actual rule of Freddie or Fannie but the underwriters.Any guidance you could share with me would be great.
Tanks
Jim

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