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FHA Extends Waiver of Anti Flipping Rule
Good news for investors!
The FHA has announced that it is extending the waiver for it's property anti-flipping rule through December 31, 2012. This allows the use of FHA insured financing for HUD owned and bank owned proprties no matter how long title has been held. The same Arms Length rules apply and the profit margin (after associated costs) cannot be more than 20% above acquisition costs.
This is an attempt by the government to speed up the disposal of REOs and it appears to be working, at least in Maricopa Arizona. I "flipped" over 20 properties last year for investors and, due to many buyers opting for FHA financing, this has been a great help.
It needs to be noted however that this is only a guideline and individual lenders are not required to comply. In our case, we screen all of our offers and contact the buyer's lender to ensure that they are able to secure non restrictive fniancing. We learned the hard way that many buyer agents are not aware of the issues involved in these types of transcations. It is not uncommon for the lenders themselves to promise financing only to "discover" later on down the road that ... more

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