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.
http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf
Top three: All time most viewed
-
Even with my 20 years in the mortgage business, I double check all guidelines because they are continually changing. I had a call from som...
-
FHA loans in 1991: When I became a mortgage loan originator in 1991, I couldn't believe that there was a loan product which allowed all... -
Know How To Recognize A Good Mortgage Rate Mortgage lenders are often asked if there is a best time of day, day of the week, or period of...
