Tuesday, January 19, 2010

FHA Flipping Rule Removed February 1, 2010

FHA has removed the 90-day ‘flipping’ rule...effective Feb 1st. There are a few conditions that Underwriting still must watch for:
• Must be arms length transactions (all parties)
• 20% increase in seller’s acquisition versus new purchase price will come with several conditions (possible 2nd appraisal and/or inspection)

Read the attached if you want/need all the details.


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