Comments on: FHA Amends Anti-Flipping Rule

By: Peter G. Miller

Peter G. Miller — Mon, 16 Nov 2009 09:31:39 +0000

Jim –

The 90-day rules applies to sales. Check with a local lender for specifics.

Peter

By: James Tlabott

James Tlabott — Sun, 15 Nov 2009 19:56:28 +0000

I had intentions of selling my home and moving to different state for other employement. Placed my house on the market and then was given a raise at my present employment. I wanted to take advantage of lower interest rates, refinance my house and use equity for improvements. Does the 90 prohibition apply?

By: Jo

Jo — Tue, 13 Oct 2009 20:50:00 +0000

I’d like to know if I fall under the exception if I purchase a home before 90 days staight fha if the seller is a non-profit community development origization that purchased it from a shortsale forcloser,, remodeled then I bought if from them is that an exception..can I still buy it before the 90days and do fha in order to get it before the nov 30th dead line.

By: Gogo

Gogo — Fri, 09 Jan 2009 00:06:32 +0000

Sorry Jay,

You gotta wait 90 days like everyone else.

Or try to compile a list of small community banks that do non-conforming residential loans (because they portfolio their own loans) and give the buyer a list of them they can approach as an alternative.

Check the disclosure/legality requirements with an attorney.

By: jay

jay — Fri, 12 Dec 2008 00:46:50 +0000

I purchased a property for cash from a trustee sale. I renovated and cleaned up the forclosure, then listed with a broker on the MLS. I have a buyer who wants to purchase the property using an FHA loan. Do I have to wait 90 days. I am a lawful flipper with clear title to this property. I listed the property at a mid range price below appraisals.
Will the FHA allow us to move forward with the sale or do we have to wait 90 days??
Please Advise.

By: G. Michael

G. Michael — Tue, 11 Nov 2008 16:54:11 +0000

Kelli,
I know this is old news, because you’ve probably long since closed your loan, but it’s a standard procedure on FHA loans to ask for a 2nd appraisal when the value of the home has increased by 100% or more since the last sale. When investors buy and remodel homes, they have to justify the new selling price with documentation including the 2nd appraisal.

By: kelli mays

kelli mays — Mon, 14 Jul 2008 18:36:16 +0000

I have an FHA approval. Was suppose to close today. Then the UW comes back with “FHA requires a 2nd appraisal by another company”

What?!?!?!?1 Apparently, the seller purchased the house for half of what he’s selling it for. It’s been longer than 90 days. There are FOUR (4) GoOD comps in the appraisal. I don’t understand why this is being required!?!??!?! now another appraisal cost of $425. what kind of )&@$)*$ is this???

By: Bill

Bill — Thu, 19 Jun 2008 22:45:49 +0000

Joe you crack me up:-) Go rent an apartment. You filed bankuptcy dude!!! I wouldn’t want to loan you any money…bankruptcy simply means your not opposed to telling your creditors to kiss it…”I’m going to borrow this money from you …but I might not pay it back” If you could afford a 290000 house, thats what you should’ve bought duhhh!!

Wilson

By: Joe Radzikowski

Joe Radzikowski — Wed, 18 Jun 2008 23:58:15 +0000

Hello Im trying to find out if rewriting the loan on my home is possible, Im currently in a tough position , I cannot afford the mortgage and will be forclosed on. Ive filed Chapter 7 , I was advised by my mortgage co to shortsale the property. I want to stay and if the mortgage was according to the current value of the home I could pay the mortgage, the house was worth 460,000 and is being offered on the shortsale as 290,000 , why sell it to someone else?Â I could afford to pay a loan for 290.000, Can HUD REWRITE A MORTGAGE?

NO ONE HAS RESPONDED TO ME AND I HAVE GONE FROM 2700 TO 4400 A MONTH, I CAN AFFORD AROUND 2000 A MONTH.

DOES HUD HAVE LOANS AVAILABLE AT UNDER 2000 A MONTH, I ALSO HAVE FAMILY HELP AND OTHER OPTONS .
JOE