FHA Woes

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Posted by Royce on October 15, 2009 at 20:35:44:

I am currently selling a rehab that I recently purchased and completed. I turned the property pretty quick because I wanted to make sure that it was available for sale before the $8,000 credit expired. I knew that I would run into a problem with FHA seasoning requirements and the credit expiring November 30th. November 18th is 3 months so a potential buyer could not execute paperwork until after that date with an FHA lender.

Of course, many of my potential buyers are stipulating that I must close before November 30th with an FHA lender. That is impossible. What I thought about doing is finding a conventional lender that would allow a seller financed second loan. I could then create an 8K second note to be payed off with the credit and the buyer could put down about 3 percent or so. The house is priced in the low 100's.

What do you guys think. Are there any lenders out there that would allow a seller financed second?

Thanks!

Royce

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