Starting February 1, 2010 the dream of home ownership will become easier for many FHA home buyers.  For the next year the Federal Housing Administration (FHA) will lift its’ 90 day seasoning requirement in order to expedite the sale of foreclosed and flipped properties.  This new guideline will allow Ventura County FHA home buyers to have access to a much larger inventory of homes.

How Do The FHA New Rules Help Ventura County FHA Home Buyers?

Current FHA guidelines prevent FHA home buyers to purchase a home that has been owned by a seller for less than 90 days.  Therefore, FHA home buyers are not eligible to purchase foreclosed properties and/or flipped properties unless the home has been owned by the seller for more than 90 days.   Many prospective home buyers with FHA mortgage insured loans and many Realtors can attest to the frustration associated with the FHA home loans 90 day seasoning requierment.

However, the new FHA guidelines will allow Ventura County FHA home buyers to have just as much access to all properties as do cash buyers or buyers with conventional loans.  No more 90 day seasoning will also help neighborhoods with a high volume of foreclosed homes to become occupied sooner.