Change Coming For FHA In December…

By
Mortgage and Lending with Berkshire Lending, LLC

small brett pic Change Coming For FHA In December...

FHA is about to revert back to a minimum 90 day wait to finance a “flipped” house with an FHA loan.

FHA had waived this rule during the housing crisis in an attempt to boost home sales. For a while now there has been no minimum waiting period for an investor to purchase a home, fix it up, and then sell it to a home buyer at a higher price (on an FHA loan).

This 90 day waiting period will be re-instituted starting December 31, 2014.

Just wanted you to know!

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

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Comments (2)

Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Hi Brett, Underwriters in my area have been requiring it all along so now I know they didn't have too. I have been telling my investors to expect it.

Nov 05, 2014 10:28 PM
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Brett:  I am with Debbie Reynolds on this one. Nothing at all changed in either of the markets I service; San Diego, nor Sarasota, FL.

Nov 05, 2014 11:00 PM