You must wait that long according to Fannie Mae regulations (as was told to me be my broker just last week).  

There is a program out there, funded by settlement money from all the major banks.The program allows for no closing costs, no down payments, and right now the rate is 5.25%, they are also not dependent on credit.However you must complete a homeowners course with them, are more strict than FHA as far as the house being in immaculate condition, and you must agree to bi monthly drafts for your house payment.Really is a great program, check em out the website is www.naca.com

While some states have more general real estate regulations, other states are very detailed, down to the dimensions of timber used for home construction.

The primary role is to regulate the money supply by providing liquidity when needed or removing it when necessary.At the moment they are trying to prevent a total meltdown. 8)

In Florida back then to be a broker was much more regulated and prestigeous than to be a correspondent lender because they are exempt from reporting yield spread and service release premiums, plus they were exempt from Chapter 494 of the DBF.When I opened offices in Colorado, however, there was no licensing for brokers so to be a lender was much more reputable.

I spent one of my college years living near Biscayne and NE 125-Steven the Tax GuyYour guide to IRS laws, rules and regulations.

Remember Newark and the State regulate " Multi-family" properties Aggressively!

Laws, regulations, codes let alone the market factors and type could never be fully known by out of state "Guru" types.

I heard VA financing is strict, hence VA funding on a rehab may not work, if the property isn't in a livable condition.

Why because the Chicago market is different, and we have our own laws, codes and regulations that these "Guru" types that fly into town for the weekend have no clue about.A while back I attended one and asked them about how the get around several Illinois Laws, and the Chicago landlord tenant ordinance, and they asked me to leave.