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FHA Flipping Waiver Expired December 31, 2014
January 5, 2015
by: David Bailey, NMLS #658734
The FHA flipping waiver was not extended at the end of the year and expired December 31, 2014, so if you are looking at purchasing a home that the current owner has owned for 90 days or less, the property is not eligible for FHA financing. Buyers, Realtors and investors need to keep this in mind when considering putting in an offer on a property or listing a property that was recently purchased.
What this means is that a buyer who wishes to use FHA financing must wait until the 91st day to write an offer on the property. Don’t get caught short and torpedo your deal.
In general, the following rules apply but could be slightly different for each lender:
• Restrictions do not apply for new construction
• If the sale is occurring between 91 and 180 days of the owner of record acquiring the property and the resale price is 100% or more of the original purchase price, two appraisals will be required from two different appraiser.
In addition to the above rules, FHA reserves the right to require additional documentation (i.e. renovation receipts, etc.) if ... more
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