Fha Loan Seasoning Requirements

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Any loan that does not meet ALL of the above listed requirements is not eligible for the Waiver and is subject to 90-day minimum seller seasoning requirements set forth inMortgagee Letter 2006-14 as well as the requirements listed below.

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Seasoning Requirements After Foreclosure. The VA does put their foot down regarding seasoning requirements after a foreclosure, though. Borrowers can’t apply for a VA loan until 2 years after the sale date of the home. This gives you time to pick up the pieces and repair your credit.

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That mortgagee letter contained a policy update on a variety of requirements for FHA refinance loan transactions. It specifically mentions issues like the "seasoning period" for FHA loans before a borrower can apply for FHA refinancing. When applying for FHA Streamline Refinance Loans, according to Mortgagee Letter 2011-11:

Current appraised value is used in determining maximum loan amount. There are no seasoning requirements for subordinate liens. standard LTV on FHA first mortgage. Standard rate and term maximum mortgage calculation. Current appraised value is used in determining maximum loan amount. No seasoning requirement for purchase money seconds.

The following seasoning requirements apply: A minimum of six (6) consecutive payments must have been made on the original loan that is being refinanced as evidenced by the credit report. A minimum of 210 calendar days must have passed between the first payment due date of the original loan.

While this is the stated minimum fha loan policy, borrowers should know that an individual lender may require a longer seasoning period as long as the requirement is applied in accordance with fair housing act laws. For more information, speak to a loan officer or contact the FHA directly to see how these rules apply to you.