flips: FHA Anti-Flipping Rules Growing in Sonoma County
- 09/02/09 04:37 AM
The FHA anti-flipping rules are growing in popularity by lending investors and being adopted for both VA lenders and many conventional mortgages as more lenders are looking to protect themselves from financing property "flips". Here in Sonoma County where opportunistic investors are putting recently purchased homes on the market it is important to understand how many of these properties will be un-financable in traditional financing terms. The FHA rules are defined by HUD issued Mortgagee Letter 2006-1(http://www.nlihc.org/doc/MortgageeLetter2006-14.pdf). The anti-flipping rule established by HUD defines a flip as a property that is purchased by a speculator, and sold within 0-6 months, at a price … (1 comments)
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