HUD Extends FHA 90 Day Flip Waiver Until December 31, 2012

Reblogger Lynn B. Friedman
Real Estate Broker/Owner with Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ...

HEAR YE -  HEAR YE !!!
Light on black square  Atlanta Metro ODAT Realty CDPE Advanced Buy Lease Sell  Buckhead Atlanta GA

Maybe there is a light at the end of the tunnel ...
Thanks for the information, Rodney.
Have a happy day -  Lynn


 

 
Original content by Rodney Mason NMLS #151088

As anticipated, HUD has announced that the 90 Day Flip Waiver for FHA mortgages has been extended once again.  On January 15, 2009, HUD announced a waiver to its restriction of a borrower being able to obtain FHA financing on a property that had been acquired by the seller in the 90 days preceding the sales contract date. 

The inital waiver took effect on February 1, 2010.  The expiration date of the waiver was set as 12 months from its starting date.  That originally had waiver set to expire on January 31, 2011.  HUD issued an extension through December 31, 2011.

The 2nd extension is now effective through December 31, 2012, unless otherwise extended or withdrawn by FHA.  All other terms of the existing Flip Waiver will remain the same.  The Waiver continues to be limited to sales meeting the following conditions:

  • All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction
  • In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the Waiver will only apply if the lender meets specific conditions and documents the justification for the increase in value

This is good news for investors purchasing properties to then re-sale them soon afterwards.

 

It is always advisable to consult with a knowledgeable lending professional when navigating today's turbulent mortgage and real estate marketplace.  I am committed, qualified and equipped to help you evaluate your options!

 

Also check out:

Conventional Financing Mortgage Program Overview/Updates

FHA Financing Mortgage Program Overview/Updates

Georgia Dream Down Payment Assistance Program Overview/Updates

HomePath Financing Mortgage Program Overview/Updates

USDA Financing Mortgage Program Updates  

Programs Include:

  • Conventional (Fannie Mae & Freddie Mac)
  • HomePath - #1 Volume Retail Lender
  • HomePath Renovation
  • FHA
  • FHA 203K Renovation Loans (Streamline or Consultant)
  • Georgia Dream Down Payment Assistance
  • Jumbo
  • USDA
  • VA
  • Conventional Condo Project Approvals
  • FHA DELRAP / HRAP Condo Project Approvals

*************************************************************************************

Rodney Mason is a Sr Loan Officer located in Atlanta, GA.  He is also 203K Renovation Loan and HomePath REO Property Specialist.  He can be reached at (404) 591-2453.

Providing financing for cities across Georgia including: Acworth, Albany, Alpharetta, Athens, Atlanta, Augusta, Austell, Avondale Estates, Blairsville, Bloomingdale, Blue Ridge, Bogart, Brunswick, Buckhead, Buford, Canton, Carrollton, Cartersville, Chatsworth, Clayton, College Park, Columbus, Commerce, Conyers, Covington, Cumming, Dahlonega,  Dacula, Dalton, Dawsonville, Decatur, Doraville, Douglasville, Duluth, Dunwoody, East Point, Fayetteville, Flowery Branch, Gainesville, Greensboro, Hampton,  Hapeville, Hinesville, Hiram, Jackson, Jefferson, Jonesboro, Kennesaw, Lagrange, Lawrenceville, Lilburn, Lithia Springs, Macon, Madison, Metter, Morganton, Morrow, Newnan, Norcross, Oakwood, Peachtree City, Pooler, Richmond Hill, Riverdale, Rome, Roswell, Sandy Springs, Savannah, Scottdale, Statesboro, Stockbridge, Stone Mountain, St Marys, Sugar Hill, Suwanee, Thomasville, Thunderbolt, Tucker, Tybee Island, Valdosta, Waleska, Warner Robins, Waycross, Wilmington Island, Winder, Woodstock, and many more.


Providing financing for cities across Alabama including: Alabama Port,
Anniston, Athens, Auburn, Bessemer, Birmingham, Boaz, Bridgeport, Cedar Bluff, Chickasaw, Clayton, Coden, Dauphin Island, Decatur, Dothan, Eufaula, Fairfield, Fairhope, Florence, Foley, Forestdale, Fort Morgan, Fort Payne,Gasden, Grand Bay, Gulf Shores, Heron Bay, Homewood, Hoover, Jasper, Josephine, Madison, Meadowbrook, Midfield, Mobile, Mon Louis, New Hope, Orange Beach, Oxford, Oyster Bay, Phenix City, Prichard, Rainbow City, Saraland, Satsuma, Scottsboro, Selma, Troy, Theodore, Tillmans Corner, Trussville, Tuscaloosa, Vestavia Hills, Warrior and many more.

 

               

NMLS #151088 - Licensed in AL & GA.  HomePath® is a registered trademark of Fannie Mae.

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Rainer
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Chandler Real Estate Liz Harris, MBA
Liz Harris Realty - Chandler, AZ
#ChandlerRealEstateAgent

First I am hearing of this!  Great news for all!  I think this is a smart move...

Jan 03, 2012 03:55 PM #1
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Mary Macy
Top Agents Atlanta Metro - Roswell, GA
Top Agents Atlanta Metro

Lynn, thanks for posting this, I saw Rodney post it a few days ago.  Happy New Year.

Jan 03, 2012 03:57 PM #2
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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Lynn - Thank you for sharing detailed quality information on HUD extends FHA 90 day flip waiver until December 31, 2012.

Jan 03, 2012 04:00 PM #3
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Fred Griffin, on leave of absence from ActiveRain
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Hi, Lynn.

  This is good news for Investors, good news for the Real Estate Market.

  Thanks for the Re-Blog!

Jan 03, 2012 04:08 PM #4
Rainmaker
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Rodney Mason
Guaranteed Rate - Atlanta, GA
AL, GA, SC, & TN

Lynn.....Thanks for the re-blog.  Happy New Year!!!!

Jan 04, 2012 03:10 PM #5
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