investment: FHA Flips!
- 06/19/08 01:26 PM
HUD has long required properties to be held for 90 days by the seller before the property could qualify for an FHA mortgage loan. Effective June 9, 2008, HUD has waived the 90 day requirement in regards to homes being sold by lenders who foreclose on a property. CLARIFICATION: After further review it appears that this waiver will only affect properties for sale by mortgage companies due to foreclosure and the companies that they transfer the proeprties to in order to sell. Investors who "flip" properties may still be subject to the 90 day rule. This waiver is good for only … (13 comments)
investment: LLC, Investors and Buying Homes
- 04/11/08 07:45 AM
A question was recently asked of me regarding buying investment homes and getting the mortgage loan as an LLC, and it is one that has come up more than once recently. Here is the question: I've been working with a group of investors for about a year and a half now who is buying rental property in Charlotte. I sell, rent, and manage what they own. Up to the beginning of this year they have been buying the property using conventional financing in one of their own names and simply quit claiming it to their LLC. As of a few month's ago they have … (0 comments)
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HUD has long required properties to be held for 90 days by the seller before the property could qualify for an FHA mortgage loan. Effective June 9, 2008, HUD has waived the 90 day requirement in regards to homes being sold by lenders who foreclose on a property.
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