FHA flipping policy:
FHA requires a property to be owned by the seller for 90
days before re-sale (this means the contract date cannot be prior to the 91st
day of the seller’s ownership). No work can be done by lender on the property
prior to the 91st day- this includes ordering an appraisal or
ordering a case number from FHA on the borrower). So if you have an investor
property under a listing agreement, then you need to prepare your seller for
this. The 91 days is calculated from the date title transferred to seller (not
necessarily the same as the purchase date) to the date of a new sales contract.
-- This information was originally shared with us by our friend Diane Rifai, Residential Mortgage Loan Originator. Visit her on the web at: http://www.DianeRifai.com
-- This information was originally shared with us by our friend Diane Rifai, Residential Mortgage Loan Originator. Visit her on the web at: http://www.DianeRifai.com
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