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FHA Seasoning Requirement?

andrewb profile photo
  • Thursday, October 23, 2003 @ 03:15 PM EDT
  • 3 Comments
Someone told me today that the FHA requires you to have owned the house for 6 months before they will insure a mortgage on it. I thought it was 90 days. Does it vary in different cities or different parts of the country? (The home in question is in Detroit).
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  • BAMZ
    BAMZ22nd October, 2003
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    Hi andrewb,

    The information that I have shows 90 days. It shouldn't matter though, just put a Fannie / Freddie loan on it and be done with it!

    BAMZ

  • andrewb
    andrewb23rd October, 2003
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    Can you do that? I thought Fannie/Freddie were secondary loan markets and didn't issue loans directly to homebuyers like FHA ... maybe a martgage broker can answer this one?

  • clear2close
    clear2close23rd October, 2003
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    I think that is what BAMZ was referring to; have a mortgage broker obtain a fannie loan for you. And, I agree...

    hope this helps,
    clear2close
    [addsig]

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