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down payment: FHA's Flip Waiver Expires January 31st, 2011! - 01/12/11 12:07 AM
Are your listings and buyers ready?
So far FHA has not renewed the Flip Waiver and starting with new case numbers pulled on or after February 1st, 2011 will be subjected to the previous flip provisions as specified in  FHA Mortgagee Letter 06-14.
Per HUD requirements, the fully executed purchase contract (signed by both the buyer and seller) must be dated on or before January 31, 2011. HUD allows no exceptions to this rule.
We will continue to offer this product until it expires and I will update this blog if the Flip Waiver is extended.
Do you have questions or need creative solutions, please call … (3 comments)

down payment: Something to keep in mind with FHA - 12/08/08 09:06 PM
With all the buzz about the required down payment going up from 3% to 3.5% starting January 1st 2009, I just want to make sure you knew the 3.5% required is only for NEW case numbers starting in January. What that means is if you have someone purchasing, under contract you can reserve the case number now and close in 2009 with the 3.00% down payment. Remember that the case number follows the home so if the address changes your buyer is subjected to the new rules.
This is pretty typical for FHA, they "usually" make their changes on when the … (6 comments)

 
Catherine_4683

Catherine Eusea-Mortgage Lender at

Fort Collins, CO

More about me…

Prospect Mortgage

Address: 2032 Caribou Drive #102, Fort Collins, CO, 80525

Office Phone: (970) 223-8300

Cell Phone: (720) 300-6777

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