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doc123
8 Posts |
 Posted - 11/03/2009 : 10:27:33 AM
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Scenario---son in law and wife buying one of mother-in-laws homes. Not mothers primary residence, i believe it was rented out.
Son in law is fha qualified--
Whats the guideline regarding seller(mother-in law)payment history on her current mortgage for that non primary house?
I have been told no 30 day lates in her 12 mo hist., in order for her to sell and son--in-law to get max fha financing..she has a one 30 day late..in last 12 mo.
Anyone? |
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nowbroker
2587 Posts |
Posted - 11/03/2009 : 11:18:12 AM
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I know of no specific guideline concerning the payment history of the seller. Any lender however may have a concern or policy regarding if they think it is a foreclosure or credit bailout of a relative.
Lender specific rule IMO. |
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doc123
8 Posts |
Posted - 11/03/2009 : 12:34:12 PM
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You might be right --I couldn't find anything on hud website..
Thanks for your reply...
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MarkIFC
936 Posts |
Posted - 11/03/2009 : 12:55:42 PM
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I think you have an issue there with "Identity Of Interest"
Per FHA guidelines, if the property is a family member's investment property financing is limited to 85% unless you can prove the buyer has rented the property for at least the last 6 months. |
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Pat
932 Posts |
Posted - 11/03/2009 : 5:37:33 PM
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| +1, identity of interest rules are in play. |
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the_mortgage_guy
2628 Posts |
Posted - 11/04/2009 : 03:18:49 AM
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DIsinformation Abounds. I just did a supposed identity of interest where son buying fathers inv prop.
1) They just want to make sure the property is not in foreclosure or close to.
2) Property shoudl be bought at market value with no seller assistance, gift.
3) Son can prove at least 6 months rent payments
do all this and you will get a 96.5% FHA loan as long a slender doesnt ahve overlays. I know chase corr underwrites to fha guides. Otherwsie, you will be looking at 85% |
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