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Flip Rule Affecting Conventional Loans?
I know we have all heard about, or, experienced, first hand what can happen with FHA buyers and FHA loans on investor owned homes and certain timeframes, and/or certain improvements to the property that put the property value at a certain percentage over purchased value.
Most of us know that a second appraisal is required, and the seller will typically pay for this, as they are making more on the sale of the house.
What is new to me today, is this is affecting a current conventional loan, and the timeframe for flipping with convention is more restrictive than for FHA.
Has anyone else run into this???
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