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Here are the FHA guidelines regarding property flipping
 
Seller is owner-of-record 90 days or less
The property is not eligible for FHA financing. FHA requires the seller to be
owner-of-record for at least 91 days. Some entities are exempt from the 90
day rule. See exemptions below.
Seller is owner-of-record Between 91 and 180 days
If the seller has owned the property between 91 and 180 days and the new
sales price exceeds the seller's purchase price by 100 percent or more,
additional documentation (a second appraisal) is required to support the
increase in value. (If the property is re-sold for $80,000 within six months of
the seller's acquisition of the property at $40,000, additional documentation is
required to support the new price.) Additional information on the second
appraisal is provided below. Some entities are exempt from both the 90 day
ownership rule and the 91-180 appraisal rule. See exemptions below.
Seller is owner-of-record 181 days or more
The owner-of-record must be verified.
 
 
Stacey D. Van Schenck
Mortgage Consultant
Capstone Home Mortgage, LLC
An Affiliate Of Wells Fargo Home Mortgage
MAC M1965-011
3126 Little Road
Trinity,  FL  34655
(727) 842-6275 Tel
(866) 425-6407 Toll Free
(866) 406-7661 Fax
 
Posted by Christian Bennett on April 18th, 2009 1:53 PMPost a Comment (0)

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