Chain Of Title Problem?
I live in Texas and recently purchased a short sale home, but now that I have buyers that are interested in buying it the local lenders are saying that they can't do the loan because the title just changed names 2 month ago. The lenders said that the only way they would be able to do this is if the sale price was not more that than my purchase price. These lenders are telling me that FHA and Conventional financing are now asking for 12 month seasoning.
I knew FHA was wanting it but not Conventional has there been a change? Can someone tell me how to obtain financing through lenders for my buyers.
Thank You,
Phoenix
You'll need to refer your buyers to a good mortgage broker that can handle such an issue.
I really think that these title seasoning issues are location related as I have yet to run into a problem.
Oftentimes you can waive this requirement by ordering two apprasials instead of one or by showing before/after photos along with invoices for work.
Best bet is to have your buyers use a better mortgage broker.
This question has been discussed many times. If you pull down the Advanced search tab above and enter "seasoning" in the search box I am sure you will find much helpful information.