Good afternoon! We have taken many phone calls today and this weekend over the FHA’s waiver of the 90 day seasoning rule for an entire year starting 2/1/2010.
If you have not read the press release from HUD you can read it here: http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-011
As a direct mortgage lender we will not be able to have this program available until HUD publishes a Mortgagee Letter.
I have also spoken to several of our wholesale lenders and they are all saying the same thing. They are going to wait to see how it all shakes out before they commit to any internal guideline changes.
This guideline change means a large increase in all of our business so I will work very hard to make this available to you and me!
Hopefully as this week rolls on we will have more clarity on the programs that we will have available.
As I get updates I will be sure to forward them directly to you.
Have a great week!!
P.S. It was nice having Realtors call me this weekend and today EXCITED about a guideline change! I haven’t had that happen in about 3 years!!:)
