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FHA Flip rule - 1 day owned by seller OK
FHA Flip rule - 1 day owned by seller OK
The Seller seasoning requirement on our FHA Loans is one day.  That is correct, one day.  While FHA has released guidance for lenders allowing the Flip Rule to be Waived for all Sellers until Feb 1, 2011, many lenders still require that sellers own a home for 90-180 days before it is eligible for their FHA Financing. We do not require these waiting periods for FHA Loans. Seller Seasoning simply means how long the current owner has owned the property (as recorded on Title Records).   Seller seasoning is also called Owner seasoning.   The contract date must be after the date of acquisition for the seller,  a redated contract is not allowable.  This is in complete alignment with the HUD guidelines for FHA Loans.  The other lenders that have added restrictions are reducing the eligibility for Homebuyers to use FHA Loans to purchase homes from investors who may have purchased the home at a foreclosure auction, or direct from a bank.   This opens the door for more homes to be eligible for safe, secure, and sound FHA financing.   Many of these homes have been completely rehabilitated, making them a more desirable home to buy:  they are Turn ... more

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