BREAKING NEWS: FHA Waives 90 Day No Flip Rule for 1 Year

As we have been saying all along … short sale and REO flipping

are becoming more and more accepted by the government and major

lending institutions. This is evidenced, among other things,

by Freddie Mac’s recent bulletins, updated credit policies by

Wells Fargo to allow for C buyer financing, and revised title bulletins

stating that the C purchase price does not need to be revealed

to the A lender as long as certain disclosures are made.

Today, the FHA has rescinded its 90 anti-flipping rule and will,

for a period of 1 year, allow FHA buyers to obtain loans

on properties that have been recently purchased by investors.

In order to inform you with everything we know about this

huge development, I will be discussing in detail this latest

announcement at approximately 2:15 PM ET tomorrow (Saturday), at the

end of our Social Media webinar that begins at 1 PM ET,

10 AM PST.

There are a few details (if the resale is 20% higher than the

investor’s purchase certain safeguards must be met) that we

need you to understand, and I’ll explain them all to you

tomorrow.

Sorry for the late notice, but we wanted to be the first

to bring you the major positive development for investors.

See you at the top!

Chris McLaughlin

Attorney at Law

PS: If you are unable to attend our webinar, and you enjoy

reading legalese, the waiver of 24 CFR 203.37a(b)(2) may be

found here:

PPS: What does this mean for “same day” flips, and what does

the FHA say about who holds title to the property? Tune

in tomorrow and I’ll let you know this answer … and what

I say may surprise you! RSVP here:

https://www2.gotomeeting.com/register/752218650