90 Day Flipping Rule Temporarily Waived
FHA just made another change that will help realtors, purchasers, investors and also help reduce the housing inventory.
Until now, (new program starts 2/1/2010) if you bought a property to fix up and sell, FHA would not allow you to write a purchase offer on that property unless you had owned that property for 90 days.
Since FHA is a great loan option and is used by many 1st time homebuyers if the property was renovated in 30 days and listed you could not write that FHA offer until 60 more days. This meant that many FHA borrowers were losing out on some great buying opportunities. This new change will help level the playing field for all home buyers now while increasing your opportunities.
See this link for more information-
Happy Flipping :)