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Extension of Property Flipping Waiver:

By
Mortgage and Lending NMLS142066/250013

Just a fyi that the Flipping rules were extended.  This is important if the seller of the property recently acquired a property and is reselling it. 

Federal Housing Commissioner Brian D. Montgomery has extended the temporary property flipping waiver to May 10, 2010.  Under the waiver, homes that were foreclosed on and are being sold by the mortgagee or on its behalf may be purchased by FHA borrowers without regard to the 90-day seasoning period. The waiver does not apply to entities that purchase foreclosures either singly or in bulk for resale. Subsequent sales of such properties will continue to be subject to the standard regulatory requirements. 

The waiver expires for all loans for which the sales agreements were signed by the seller and buyer on or before May 10, 2010. 

Comments (2)

Anonymous
Kevin Hall

Thank you for this post.  I have found it in several blogs but I am unable to find it posted on any official source.  Do you have a link to an FHA post?  I may need something official to "prove" to the listing agent that it is waived.

Thanks

Jun 22, 2009 07:09 AM
#1
Tim Bradford
Cleveland, OH
NMLS 250013

The information was in a email from Jerrold Mayer on May 18th.   It says

This revised notice on the FHA property flipping waiver extension corrects the date in the last line of the notice that was published on 5/15/09:
"Federal Housing Commissioner Brian D. Montgomery has extended the temporary property flipping waiver to May 10, 2010.  Under the waiver, homes that were foreclosed on and are being sold by the mortgagee or on its behalf may be purchased by FHA borrowers without regard to the 90-day seasoning period. The waiver does not apply to entities that purchase foreclosures either singly or in bulk for resale. Subsequent sales of such properties will continue to be subject to the standard regulatory requirements. 
The waiver expires for all loans for which the sales agreements were signed by the seller and buyer on or before May 10, 2010. "

Jun 22, 2009 10:26 AM