Seasoning Requirements?
Can anyone tell me what the seasoning requirements generally are for, say, an FHA buyer? I'm in Illinois, living in my rehab (for only a few months) and wondering how long I should stay before I sell. Its a SFH.
can anyone help me here?
You won't be able to finance the property via FHA loan if the title on that property has been transferred in the past 6 months. If title transferred 6-12 months, and there is not an increase over 100% in value, then the appraised value will be used. If there is an increase over 100%, then a second appraisal will be required. If the property transferred over a year ago, then no problems with FHA.
Hope this helps.
You do not need to wait ANY length of time.
You can use owner financing to sell your property to an end buyer with 5% down, and at closing you can sell that newly created loan/note for a CASH lump sum, cashing you out of the property.
All seller financed paper is sold at a discount, but if you want money NOW to go do more deals, and you understand the time value of money, then this is an excellent alternative exit strategy, and YOU call the shots, instead of being beholden to a bank and their rules.
Hope this helps, Dave