Update 7/31/09: Apparently, what follows only applies to Wells Fargo home loans at present. Fannie Mae and Freddie Mac have instituted all sorts of new regulations for loans that they buy -- which is most property loans that are made. I don't have many details yet, and I don't think many lenders do either. For FHA loans, an investor-seller had to own the property for at least 90 days before an FHA buyer could purchase it. That makes sense -- we don't want the government guaranteeing loans that only benefit flippers. Now, however, it looks like the 90-day rule will cover ALL non-jumbo loans for all single family homes. I have a dog in this fight as one of my current escrows is a gorgeous flip that has only been owned by the present seller since June. I represent the buyers. Stay tuned for more details, I hope.
Judy Graff's sublime-to-the-ridiculous (well, mostly ridiculous) take on real estate for east San Fernando Valley and North Los Angeles communities. This includes Hollywood Hills, Burbank, Studio City and Toluca Lake real estate and homes for sale, and also covers Valley Village, North Hollywood, Glendale, Atwater, Highland Park, Silverlake, Sherman Oaks and other L.A. areas too. General news and musings as well.
Thursday, July 30, 2009
All sorts of funky new lending rules are about to take effect -- or not
Update 7/31/09: Apparently, what follows only applies to Wells Fargo home loans at present. Fannie Mae and Freddie Mac have instituted all sorts of new regulations for loans that they buy -- which is most property loans that are made. I don't have many details yet, and I don't think many lenders do either. For FHA loans, an investor-seller had to own the property for at least 90 days before an FHA buyer could purchase it. That makes sense -- we don't want the government guaranteeing loans that only benefit flippers. Now, however, it looks like the 90-day rule will cover ALL non-jumbo loans for all single family homes. I have a dog in this fight as one of my current escrows is a gorgeous flip that has only been owned by the present seller since June. I represent the buyers. Stay tuned for more details, I hope.
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