FHA Fix and Flip News

By
Mortgage and Lending with The Mortgage Experts at America's Mortgage, a Division of Cherry Creek Mortgage Co. NMLS #241555

Every time we close a loan, we make a donation to the Rocky Mountain MicroFinance Institute (RMMFI).  We do that because RMMFI gives aspiring entrepreneurs the training and funding needed to start a business and achieve self-sufficiency.  If you think supporting local entrepreneurs makes the Denver area a better place to live, patronize these local businesses.  Here's a link to some of the businesses that RMMFI has helped launch:

http://www.mtgsupportservices.com/Homeowner_Resources.html

 

Now, for some mortgage news.  FHA is ending its waiver for getting financing for houses that have been owned by the seller for less than 90 days.  That means if you are buying a house that has been fixed and flipped, and the seller has owned the property for less than 90 days, the loan will not be eligible for FHA financing.  If the seller is a bank, HUD, Fannie Mae, or Freddie Mac, then there is no 90-day waiting period.

 

Conventional financing is still available for houses that have been owned by the seller for less than 90 days.

 

Did you know that we do NOT charge an origination fee or an underwriting fee?  Our only lender fee is a $500 processing fee. 

 

Did you know that we don't have any underwriting overlays on the loans we sell?  That means we have no additional underwriting guidelines like most lenders have.  Pretty nice!

 

Have questions about anything related to a mortgage?  Give us a call and see why they call us The Mortgage Experts.  

 

Getting a loan approved is easy - if you know what to do.  The Mortgage Experts know what to do!!!  Call us if you want to use the best lenders in Colorado!  

 

Make sure you check out our web site:

www.mtgsupportservices.com

 

And check out all our great tips on our blog at: 

http://TheMortgageExperts.blogspot.com  

 

By the way, don't forget to refinance your current mortgage.  Rates are very, very low right now.  Don't miss out!  Call us today to get the details for your particular situation.

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Rainmaker
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Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

I know they love to flip back and forth between allowing investor to improve home and flip them or not.  They really do not like the idea thus the new rule.

Dec 15, 2014 01:42 AM #1
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Rainmaker
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