Who can resale a FHA financed property???

REALTORS....here is another bit of info for your toolbag!

FHA requires that only owners of record may sell properties that will be financed using FHA-insured mortgages.

Any resale of property may not occur before 90 days from the last sale date, unless it falls within one of the following exceptions:

• Sale by HUD if its Real EstateOwned
• Sale by other Government agencies of single family properties
• Sale of properties that are acquired by the sellers by inheritance
• Sale of properties purchased by employers or relocation agencies in connection with relocations of employees
• Sale of properties by state and federally charted financial institutions
• Sale of properties by a Government Sponsored Enterprises
• Sale of properties by local and state government agencies
• Sale of properties by nonprofits approved to purchase HUD-owned single family properties for resale

FHA defines the seller's date of acquisition as the date of settlement on the seller's purchase of the property.

The resale date is the date of execution of the sales sales contract by the buyer that will result in a mortgage to be insured by FHA.