AboutJonathan P. Magill Expertise I can answer all questions that pertain to financing and buying a HUD owned property. All questions pertaining to and regarding the recently passed Economic Stimulus Package and how it may affect your ability to finance a home using HUD's FHA Loan Programs.
Experience Twenty-One (21) years of hands on experience.
Organizations Raised over $250,000 for MDA
Famlies for Loving Savior (www.f4ls.org)
Publications LA Times, Chino Hills Champion, California Mortgage Bankers Association, various websites and Homes and Land magazines
Education/Credentials California Mortgage Bankers Association (CMBA)
Co-Founded and operate as CEO and President of PMAC Lending Services Inc. (www.pmac.com)
FannieMae/FreddieMac Approved Seller
HUD Full Eagle Delegated Approved Lender
Awards and Honors City Beautification Award for Chino Hills in 2006
Past/Present Clients Thousands of Home-Owners in the U.S.
Thousands of Real Estate Agents in the U.S.
Real Estate Allinace (REA - Represents most major banking institutions liquidating their portfolio of Real Estate Owned (REO Homes) www.russellreohomes.com
Countrywide
Citibank
Chase
Wells Fargo
Expert: Jonathan P. Magill Date: 6/11/2008 Subject: HUD purchase-2 year timeframe
Question I have a buyer that purchased a HUD home on July 17,2006 and now wishes to purchase another HUD home. HUD has declined her bid. Will HUD not approve her bid until the 2 year mark even if the contract states for closing to be after July 17, 2008 giving her the 2 year timespan?
Answer Dear Archie:
If the initial FHA loan your prospective buyer got nearly 2-years ago was a standard FHA 203-B there is no specific time allotment that must pass before he is eligible to buyer another owner occupied home using FHA financing. Ask for the note on the borrowers first loan and it will tell you specifically if there is a holding period or recapture clause in the contract.
I would assume that they got a standard FHA loan and they are fine to go buy another one using FHA financing, provided they intend to live in the property and it makes sense that they are moving to the proposed property.
