drgarciadon asked:
I had a recently purchased property under agreement with an FHA buyer. I have owned the property for 6 weeks and was 5 days from closing when her mortgage company said they can’t close because I have not owned the property for 90 days. My problem is we have been under agreement for 6 weeks with a closing date and this comes up. Is this a new rule or an oversight on the mortgage company. The property is in Mass.
I had a recently purchased property under agreement with an FHA buyer. I have owned the property for 6 weeks and was 5 days from closing when her mortgage company said they can’t close because I have not owned the property for 90 days. My problem is we have been under agreement for 6 weeks with a closing date and this comes up. Is this a new rule or an oversight on the mortgage company. The property is in Mass.
The flipping rule has been around for 2 or 3 years. It actually can’t close until the 91st day.
You may also want to read your mortgage to see if there are penalty clauses for selling it too soon. Some prohibit for a year or longer so read carefully, you are looking fro a “PRE-payment” clause!