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What A Flipping Mistake!
                                                                            
WHAT A FLIPPING MISTAKE!                                                   I suffered an embarrassing mistake in 2010.While chatting with an investor/client,  I was show-boating my knowledge of the anti-flipping rules.  This fellow will surely give me oodles of business, I thought, when he cleared his throat, signaling an interruption.   I was in the zone and my words were flowing like freshly melted snow down river. "Excuse me Brian...""Yes?"   "It's just....I think the FHA is suspending the anti-flipping rule."Gulp. The long-standing anti-flipping rule was no longer long-standing.   This is an important item for any investor to know.  It's a rule that prohibits the FHA from insuring mortgage on property bought and sold in the space of 90 days.  For buyers hoping to flip a property, the rule is designed to prevent foreclosures from ending up as FHA inventory, thereby suffering a ding to its insurance funds.Many investors are able to buy, rehab and list a property within a couple of months.  But if buyers are unable to qualify for a 3.5% down payment under FHA guidelines, the pool of potential investors would swiftly evaporate.I could feel the blood rush to my face in embarrassment.   Blushing shouldn't beseige a man of my age, but I have little say in matters of physiology. My next words highlighted my awkwardness, "Um, you don't say?"   Obviously, he do say! "It's just, the last time I checked...."   He understood the trail in my sentence and picked up the slack. "Well, Brian, I believe the rule is being revised beginning February ... more

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