Posted on: 23rd Apr, 2010 11:47 am
It there a Florida banking regulation that prohibits banks from offering mortgages for properties that have been owned by the seller for leass than 6 months.
FHA lifted the 12 month chain of Title requirement in February 2010, but most lenders will still require the 12 month Chain of Title. If the bank does consider financing the buyer, they will require a 2nd Appraisal which the buyer may not be charged for. The 2nd appraisal must be within 5% of the 1st Appraisal. I hope this helps...