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Resale of property within 90 of prior transfer - FHA Financing - Property Flipping
I had a few people ask me about having difficulties financing REO properties that have transferred within the last 90 days of ownership.  I have taken excerpts from the handbook to help clarify.  As always, feel free to contact me with any questions you might have!
Resales Occurring 90 Days or Less Following AcquisitionIf the owner sells a property within 90 days after the date of acquisition, that property is not eligible security for a mortgage insured by FHA unless it falls within one of the exceptions to the time restrictions on resales set forth in §203.37a(c) of the regulations. FHA defines the seller's date of acquisition as the date of settlement on the seller's purchase of that property. The resale date is the date of execution of the sales contract by the buyer that will result in a mortgage to be insured by FHA.
Exceptions to 90-day RestrictionThe following sales are exempt from the time restrictions provided by §203.37a:
· Sales by HUD of its Real Estate Owned
· Sales by other United States Government agencies of single family properties pursuant to programs operated by these agencies.
· Sales of properties by nonprofits approved to purchase HUD-owned single-family properties at a discount with resale restrictions.
· ... more

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