Posted on: 14th Sep, 2009 06:25 am
Hi -
I have a question on the source of funds for down payments on an FHA loan...The funds have to be seasoned for 60 days, correct? But what about proceeds from the sale of your existing home...are these seasoned? ...or do they then have to sit in your bank account for two months before you can close on the new mortgage???
Also, are there actually any required reserves for an FHA loan.
Thanks,
Eric
I have a question on the source of funds for down payments on an FHA loan...The funds have to be seasoned for 60 days, correct? But what about proceeds from the sale of your existing home...are these seasoned? ...or do they then have to sit in your bank account for two months before you can close on the new mortgage???
Also, are there actually any required reserves for an FHA loan.
Thanks,
Eric
you need not worry about seasoning requirements for net proceeds from a sale. seasoning really pertains to "new" money entering a bank account. if you have payroll deposits, for example, you need not worry about those being seasoned. if you have had a balance reasonably close to the current balance for quite some time, you also are not likely to need to be concerned about seasoning in that situation.
it's large deposits and the overall abundance of accounts that are subject to seasoning, far more so than what your "average" account balances may be.
it's large deposits and the overall abundance of accounts that are subject to seasoning, far more so than what your "average" account balances may be.
Reserves are required for FHA mortgages on 3 and 4 family properties, not for one and two family propertries.
thank you john...i neglected that.
on a side note...who is your contact at hudson? everyone i ever call down there is delinquent in calling back. maybe you have an insider who's more likely to respond. thanks, john.
on a side note...who is your contact at hudson? everyone i ever call down there is delinquent in calling back. maybe you have an insider who's more likely to respond. thanks, john.
hudson city, that is.
I am a Real Estate Broker. After 5 months of waiting, I was just notified that the Short Sale Lender wants to accept the offer that my client made on a Short Sale Property. However the negotiator for the Short Sale Lender also says the the seller informed him that he will no longer sign off on the sale (Apparently the seller/borrower got into an argument with the Short Sale Lender) The Short Sale Lender has filed a notice of Trustee's sale and will be the owner of the property at close of escrow and will actually be the party to sign off at close of escrow. Will this change of ownershp be subject to the FHA seasoning requirements?
boy oh boy, that's a good question. i'd take it straight to fha if i were you. call their 800 number.
weird how a seller would get into an argument with the lender and therefore not sign off on a contract. or is it that the seller and buyer got into an argument? isn't it the agents who would keep those two parties from warring with each other?
it's too weird to me...but i think it's just me in that regard.
weird how a seller would get into an argument with the lender and therefore not sign off on a contract. or is it that the seller and buyer got into an argument? isn't it the agents who would keep those two parties from warring with each other?
it's too weird to me...but i think it's just me in that regard.
Where can I find information on deed seasoning for 2007 in Alabama?
Hi Lexi!
Welcome to forums!
You should contact a real estate attorney based at Alabama and he/she might be able to assist you in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You should contact a real estate attorney based at Alabama and he/she might be able to assist you in this regard.
Feel free to ask if you've further queries.
Sussane
Lexi, I think your question isn't really in that line of reasoning, and I doubt a real estate attorney is going to be aware of seasoning. If you're talking about something relating to FHA financing, you'd be best served to contact that agency directly and relay your question to them.