Ok all you investors out there and those doing loans in Van Nuys and Home Loans in Sylmar and Still doing loan in California we have news for you.
Dateline 6/13/08 Washington DC anounces that the Bush admin. has suspended the current flipping rule for FHA. If you were doing an FHA loan in Van Nuys or Sylmar or a home loan in California or the US you could not qualify for an FHA loan unless the previous owner held that property for at least 90 days and even that was questionable. Now it's over at least for a year. You may qualify for an FHA loan even if the previous owner held the property for even 1 day. So, investors should be ready to go an grab up some great property, do some cosmetic repairs and sell without worrying whether or not the buyer will not get the FHA Loan due to time held.
PS. Don't forget that at this time the seller on an FHA loan may pay up to 6% closing costs and contribute to a Down Payment Assitance Program. The buyer may use Grant funds from a Downpayment Assitance Program along with the seller paid closing costs and qualify for an FHA loan. I'm excited about doing these loans in Sylmar and Van Nuys and throughout California
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I missed this today. Thank you for the post.