GREAT NEWS FOR INVESTORS!!

HUD announced that it will lift the 90 Day Seasoning Rule for FHA financing, starting Feb 1, 2010. What does this mean to you? You can buy a home, fix it, and sell it to a FHA buyer, without having to own it for 90 days.

There are some restrictions that apply, so be sure to check with your FHA lender or broker.

When do I get my keys?

Provided you are purchasing a home that will be financed, close of escrow (COE) is NOT the day you sign documents but the day of recordation (when the deed is recorded). You MUST sign documents a MINIMUM of 24 hours prior to COE. After signing documents the title company will send the docs to the lender who will fund (usually) by 10 am the next business day. This allows for recordation by 4pm and your keys by 4:01pm.

COE Tip: DO NOT sign or select COE for a Friday, Murphy's Law says you will not get keys until Monday!