FHA Eliminates 90 Day Seasoning Requirement
On Friday, January 15, 2010, HUD Secretary Shaun Donovan announced a measure intended to “bring stability to home values and accelerate sale of vacant properties.”
The temporary new policy will expand access to FHA mortgage insurance is meant to allow for the quick resale of foreclosed properties.
Effective February 1, 2010, FHA, while maintaining what the release describes as “very strict conditions and guidelines to assure that predatory practices are not allowed” will temporarily waive the 90-day owner seasoning period.
