HUD waives the 90 day anti-flipping rule!

By
Real Estate Agent with Prudential First Realty 471.005929

 

HUD Waives 90 Day Anti-Flipping Rule   

By Brent Burns, Wintrust Mortgage Corporation, Crystal Lake Bank & Trust

 

HUD announced, effective February 1, 2010, that they will waive the rule that requires a seller to own a property for at least 90 days before selling to someone securing an FHA loan.  Here are the basic details:

 - The seller holds title to the property

 - LLC, corporations or trusts can serve as sellers as long as they are operating within applicable state and federal law

 - No pattern of previous flipping on the property exists for the most recent 12 months

 - The property was marketed openly and fairly, via MLS, auction, FSBO, or developer marketing

Comments (1)

Andrew Monaghan
The Monaghan Group - Glendale, AZ
CRS, GRI, EPro Associate Broker

This is great news for all investors.

 

Jan 24, 2010 03:54 AM