Hello everyone
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The FHA 90 day property flipping rule is coming to an end as of February 1, 2011. If you have a file with a lender that was subject to the FHA 90 day flipping rule; I would suggest contacting them for advice on what can be done to assure a successful transaction. The good news is that the FHA is the only government loan option that does have this flipping rule.
The USDA and VA loan options both have no flipping rule and both offer 100% financing options. The USDA loan is only available in the Rural areas but in Arizona there are plenty of great areas that the USDA loan will work in such as; Queen Creek, San Tan Valley, Maricopa, Anthem, and Buckeye. There are income limits that apply to this loan program but they are reasonable and it is intended to enhance the Rural areas and help moderate income families.
The VA loan is available for Veterans of the Armed Forces as well as some active duty service members. VA loans can be obtained from Veterans who served active duty and reservists. This is a great loan program for the great people that have served our country and offers $0 down option! The VA loan can be used anywhere in the country and is a very safe and secure option with NO mortgage insurance.
If you would like anymore information on these loan programs please contact us today at www.AZFHAMortgage.com; www.facebook.com/TeamVaught; or follow me on Twitter at www.twitter.com/VaughtTeam.
Justin, you have USDA loans available. I have a client (seller) who is just finishing up a Mod with GMAC because his wife lost her job over a year ago so their finance tanked.
ReplyDeleteHe is a school teacher and has NO other delinquencies expect for the mortgage.
Can you do a USDA for them right now if they sell their home?
Or, would it help them if they put their home up for rent for 1 year, and they rent another place for 1 year to show their credit history?
Any suggestions??? His credit score is in the mid600s.