Okay I do not KNOW FOR SURE the answer to your questions. Number 1, the FHA waiver, by common sense should apply to you. However I am not sure if it will. In reality it is going to be up to your lender. If they say that the seasoning is going to be needed then there is not much you can do about that… sorry to say. This is definitely something you need to talk to your mortgage broker about.
Why the seller did the transfer? Well if the home is part of a corporation but then the corp declares bankruptcy… you see where I am going with this? Basically it sounds as if he was contemplating a stall tactic. Then at some point found it perhaps would not work because even though the title was in the corporate name, the loan was not. Anyways that is just speculation on my part and may be totally wrong.
Also you talked about escrow. So I take it your offer was accepted by the lender and they sent an agreement to release the lien correct? That is good. So when they did that, I assume you then opened escrow right? After that you then did your inspection and appraisal. Yeah I would agree… kind of a mess.
As far as the fha waiver expiration… yeah that is bad news. If it was before 6/9 you were good to go but after 6/9… Honestly again, I would have to defer to your broker. However take heart because by the time an reo gets processed and relisted, you are close to the 90 days anyways.
Conventional verses fha? Well my experience is that sellers, both regular resale, and lenders who are short selling and reo sellers prefer conventional over fha but that doesnt mean they will turn down fha…
