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investors: 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)

investors: New Conventional Flip Rule! - 10/09/09 08:07 AM
ATTENTION! Mortgage insurance companies are adapting a similar rule as FHA in regards to flipping properties. This will impact the mortgage market starting 10/12/2009, not leaving us with much time. If you have Conventional buyers above 80% loan to value, please make sure the mortgage insurance has been ordered prior to this date. This is coming out at rapid speed 3 out of 5 mortgage insurance companies have adopted this rule. The other two are in the process and have strict requirements to do a loan under 90 days and I believe they will be changing their rules as well within … (2 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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