Got a loan origination question?

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Real Estate Agent with AVALAR Pro Realty

Loan originators please help with your comments.... I need a FHA loop hold. Here is the situation in MS the Deed of Trust reads For Consider in the amount of 10... Okay.. My buyers have been totally approved we have a clear to close from the mortgage company the only problem is the title work. The deed was quit claimed last month to the son because the dad is sick. Because in MS it states 10 on the deed and the house is selling for 141500 it looks like a flipping issue to FHA. So because it looks like it is a 100 profit even though no money exchanged hands they are making us wait 90 days to close. How do you get around this? Please help

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Rainer
47,172
Jeff Fulgham
T.U.P. Realty - Tupelo, MS
Broker E-Pro ABR
I think the rule for FHA is the owner must own the property for 90 days. I don;t think there is a way around it. My suggestion is get another loan rather than FHA. There are a bunch of loan programs that are better than FHA. Since you are in Mississippi If you want I can have my mortgage buy talk with you about different loan pragrams. The 10 dollars is simply the fee paid to the court house to file the deed of trust. It has nothing to do with the price of the house.
May 14, 2007 09:33 PM #1
Rainmaker
93,038
Doug Capps
Fairway Independent Mortgage Corp. - Hernando, MS
MMS, CLO, CRMS

Who's selling the house the father or son?

May 14, 2007 09:53 PM #2
Rainer
32,580
Michelle Way
AVALAR Pro Realty - Jackson, MS
ABR, GRI, WCR
The son is selling the house because it was quit claimed
May 14, 2007 09:55 PM #3
Rainer
32,580
Michelle Way
AVALAR Pro Realty - Jackson, MS
ABR, GRI, WCR
This is the best loan for these people Jeff because of a lot of situations with the loan FHA is best even though I might have to wait to get paid.
May 14, 2007 09:57 PM #4
Anonymous
Anonymous
Anonymous
Michelle I think Jeff is right you might have to wait.  FHA is pretty good in certain situations but other rules are written in stone.
May 15, 2007 06:54 AM #5
Rainmaker
93,038
Doug Capps
Fairway Independent Mortgage Corp. - Hernando, MS
MMS, CLO, CRMS

Hey Michelle,

The reason I was asking is did he quit claim ALL or a PORTION?  Is the father still on title?  Is there currently a mortgage on the property or is it free and clear?

Another "possibility,"  according to the Mortgagee letter 2006-14, there are exceptions to the 90-day restriction.  One of them is "Sale of properties that are acquired by the sellers by inheritance."  Could it be proved that this house would have been inherited by the son? 

May 15, 2007 10:32 AM #6
Rainer
32,580
Michelle Way
AVALAR Pro Realty - Jackson, MS
ABR, GRI, WCR
No it couldn't the son just thought he was doing the best for his father because he is sick...
May 15, 2007 10:58 PM #7
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Rainer
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Michelle Way

ABR, GRI, WCR
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