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FHA Flip Rule Waiver – Set To Expire

By
Mortgage and Lending with Strategic Mortgage NMLS#160440-

fha home loans

The Federal Housing Administration 90 day flip waiver rule, which has been in place since 2010, is set to expire on December 31, 2014 and this time will not be extended, as has been the case in the past.

             

              The FHA flip waiver rule allowed a home buyer to purchase a home that had previously been sold in the past 90 days and obtain an FHA loan to purchase that property.

             

              During the housing downturn, the FHA allowed for the waiver of this rule, as it allowed for homes that had been bought and fixed up for re-sale, to be sold quickly. As it both encouraged the initial purchase of homes that might need repair and the subsequent re-sale of these homes to FHA home buyers, in a short time frame.

               

              However, as of January 1, 2015, if someone is looking to purchase a new home with an FHA home, they will need to wait until at least 91 days, since the previous sale of the home, to write a purchase contract on that home.

             

              On the flip side of things, home buyers can still purchase a home with a Conventional loan, without the 90 day flip waiting period and put 3% down to purchase if they a first time home buyer using a Conventional home loan or 5% down on a standard Conventional home loan.

 

As always, it is always advisable to speak to a licensed mortgage broker for full qualification when purchasing or refinance a home. If any additional changes are announced, we will of course provide the updated information.

For more information on home purchase or refinance programs for existing and potential home owners, please contact Bill Kamboukos of Strategic Mortgage at (480) 219-3682 or by emailing: info@strategicmtgaz.com or online at www.strategicmtgaz.com

Strategic Mortgage – AZBK#0909514 – NMLS#158804

Equal Housing Lender – Vasilios Bill Kamboukos Jr – NMLS#158804

Comments (1)

Winston Heverly
Coldwell Banker Access Realty - South Macon, GA
GRI, ABR, SFR, CDPE, CIAS, PA

Bill,  a nice read with some great pointed highlights to help in our businesses.

Dec 16, 2014 12:27 PM