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Buying or Selling a Home/CHFA and FHA loans
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Question
Hi Jim, I am looking to purchase a condo that is in the short sale process, I am CHFA approved. I know FHA loans have a 90 day rule, does CHFA have the same rules? Are they the same? Were can I obtain the information? Thank You,Richard
RICHARD--
"90 day rule"? After nearly 35 years in the Real estate World, with about 15 of them working in a Realty Officer position with HUD/FHA,I have NO IDEA what you're referring to! And for the life of me, I'm not able to figure it out!
If you're referring to the FHA rule on OCCUPANCY, that's a "1 Year Rule," with the Borrower certifying the INTENTION to occupy the Home as Primary Residence for at least one year!
As for CHFA's rules being the same as CFHA,it's likely that they are NOT--at least with regard to occupancy and primary residency! Many State Housing Finance Authorities (HFA) have a "3-Year Rule" with regard to the Homeowners status as occupant.(Less than 3 years sometimes requires a Homeowner to "payback" some or all of grants provided by the State HFA.)
As for CHFA's rules, you need to contact a California-based "Expert" to find out about exactly how their Program works for you. I'm assuming that you're working with a Realtor and/or a Loan Officer right now--if neither of these "Pro's" knows the answers to your questions about FHA and/or CHFA program guidelines YOU'VE HIRED THE WRONG REALTOR/LOAN OFFICER! Both of these folks are well-paid to provide you with "expertise!" If they're not doing that, I suggest you "dump 'em" for a couple of people who'll work in your best interest!
NOTE: If this doesn't answer your question due to my inability to be certain about what the "90 day rule" is, please re-connect with me and provide additional details!
GOOD LUCK!
--JIM
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Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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