FHA Amends Anti-Flipping Rule
On January 15, 2010, FHA made some changes to the June 7, 2006 anti-flipping policy on property flipping.
For the past 3 1/2 years HUD has not allowed the resale of a property within 90 days due to flipping concerns. While the initial intent was to prevent the rapid escalation of the price of homes through questionable flipping of properties, it is now hindering the sale of homes since prices have fallen and more properties are the subject of foreclosure.
While there were several exemptions to the rule, almost all applied to Banks and Financial companies. This change will directly impact the small investor who buys properties cheaply and repairs them for resale.
On January 15, 2010, FHA made some changes to the June 7, 2006 anti-flipping policy on property flipping.
For the past 3 1/2 years HUD has not allowed the resale of a property within 90 days due to flipping concerns. While the initial intent was to prevent the rapid escalation of the price of homes through questionable flipping of properties, it is now hindering the sale of homes since prices have fallen and more properties are the subject of foreclosure.
While there were several exemptions to the rule, almost all applied to Banks and Financial companies. This change will directly impact the small investor who buys properties cheaply and repairs them for resale.
So here the part where I tell you about myself. Nothing too exciting. I have been in various aspects of the Mortgage industry for the past 20 years.
From running offices, multiple offices, regions, overseeing Underwriting and productions from both Banker and Broker sides. I have seen many cycles and
expect to see more.
