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fha: FHA Extends Flip Rule - 02/09/11 12:44 PM
Looks like FHA is going to play nice and wave the 90 day flip rule again for 2011.
Below are general guidelines that HUD uses to identify properties that are exempt from the 90 day rule. As I mentioned, some banks have adopted this criteria as well. Others may not be willing to loan, period.
1-All transaction must be an arms-length loan with no identity of interest between the buyer and seller or other parties involved.
2-The property cannot have a pattern of previous flipping in the past 12 months (One previous flip a year people!)
3-If the seller is earning … (1 comments)
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fha: 90 Day Flip Rule STILL Haunting Buyers! - 08/18/10 12:16 PM
I thought we had worked this one out! On Feb 1st of this year FHA agreed to temporarily allow funding on homes that were acquired by the current owner (bank/investor/seller) in less than 90 days IF the property met certain criteria.
Now I hear some banks are still enforcing the 90 day flip rule-even for non-FHA loans!
Why was this rule created in the first place?
HUD recognized a few years ago that a minority of flippers (someone who purchases properties, then immediately sells for profit) were in cahoots with loan officers and appraisers and took advantage of innocent buyers … (2 comments)
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fha: What's with the Kinder, Gentler FHA Loan? (Part 2) - 06/04/08 10:40 AM
I promised I would give you updates on my FHA transaction I'm working on. The buyer's loan approval was due yesterday (6/3), however-FHA did an appraisal review and they are having a second appraiser go out today. The loan officer did say that they are putting a "rush" on the second appraiser's report to get it pushed through the approval process and the buyer's should get loan approval by Monday 6/9. OK, that seems reasonable. But I am VERY nervous about the second appraisal! The sales price the buyer's and sellers negotiated were well within comps. So what gives?! Is this … (12 comments)
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fha: What's with the Kinder, Gentler FHA Loan? - 05/28/08 02:31 PM
Am I missing something here?
I work in an area that up till now rarely dealt with FHA loans due to the high home sales prices and low FHA loan caps.
I just started working on a pending sale transaction where the buyer is going with an FHA loan. Horror of Horrors! My first thought was to load up extra heavy on the old Prozac until the transaction fell apart, then finish up with heavy drinking and deep resentment.
But wait! Something has changed here since my last FHA transaction (about 7 years ago).
When I called the loan officer and … (9 comments)
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Diana Turnbloom
Martinez,
CA
More about me…
Escrowcoord.com
Office Phone: (925) 305-9625
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