home purchase: HUD Eliminates 90 day flip rule beginning Feb 1.
- 01/30/10 03:04 AM
Great News For some FHA Buyers Starting Feb. 1, HUD will eliminate the 90 day flip rule, allowing more properties to be available for FHA financing. Some Quick bullet points:- All transactions must be arms length with no identity of interestbetween buyer and seller (see further conditions on HUD's website)- If there was an increase in value of more than 20% (fromacquisition to flip), the following conditions must be met.*Lender must justify the increase in value, with supportingdocumentation and/or a second appraisal which verifies sufficientrenovations were done, justifying the increase in value, OR appraiser toadequately explain the increase in value.*Lender to … (1 comments)
Great News For some FHA Buyers
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