You’ll FLIP over the new FHA changes!

8 02 2010

Good news for investors, first-time homebuyers, and property flippers!

HUD waived the 90 day seasoning rule until Feb 1st, 2011 (unless extended.) This means that you can use FHA financing to buy a property bought less than 90 days earlier.  This will help many first-time homebuyers and help investors repair and sell foreclosed properties sooner. 

Here’s the quick details:

All transactions must be arms-length (you can’t buy a home from your relative), and there can be no identity of interest (you can’t operate as the buyer/seller and the realtor, appraiser, or lender).  If the new sale price is more than 20% more than what the seller acquired the property for, lenders will require a second appraisal and a home inspection. This is not for reverse mortgages.

To read the text of this waiver and specific details: http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

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One response

9 02 2010
Susan Baker

I love where you going with your emails-so tech-no savvvy! Short and sweet, to the point and then having the availability to read further if desire-sweet as candy! Have you entered the olympic’s? You are quite the skier!!!!!!!

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