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203k valencia: Property flipping guidelines extended by FHA until May 2010! What does this mean? - 10/08/09 10:13 PM
Property Flipping guidelines extended by FHA , until May 2010!  What does this mean and who does this affect?
What is property flipping?  
No .......it's not flipping your home with another couple as seen in trading spaces on  TLC!
                                                        
FHA GUIDELINES STATE THE FOLLOWING:  
Property flipping is a practice whereby a recently acquired property is resold, often for a considerable profit.
Most property flipping occurs within days or a few weeks of acquisition and usually with only minor cosmetic improvements, if any.
While there is nothing illegal with selling properties within days of acquisition, some of these transactions are fraudulent because the … (65 comments)

203k valencia: Perfect program for REO properties with minimal repairs - 07/26/09 10:01 PM
The streamline 203k is a perfect program for REO properties with minimal repairs.
Did you know you can tell the bank that they will not be responsible for the repairs?  WOW!  The bottom line not to mention the headaches,  just looked a lot better!   And that FHA buyer that didn't look so great, just went from mediocre to a GREAT offer!
The FHA 203k Loan allows for the client to finance the cost of repairs needed on a property into their mortgage.  The repairs are done after closing so this is an advantage to the seller or bank that owns the property because … (0 comments)

 
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Colleen Craig

Santa Clarita, CA

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Southern California Mortgage Professional

Office Phone: (661) 310-8536

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