America’s slow return to Common Sense or Hud relaxes stance with FHA 90 day flip rule
Yep, that is correct! Now, say that one more time using the hilarious voice of the dearly departed Chris Farley. It seems that HUD sees an immediate but temporary reason to allow buyers to use an FHA loan on a home purchased by an investor for the sole purpose of flipping.
Bad investor, bad, bad, bad investor. Oh wait, good investor, good, good, good investor
Previously for reasons not clearly known, HUD would not allow a buyer to use an FHA loan on a home that was purchased at the courthouse steps fixed up a bit and then sold for a profit. It seems that even though the buyer paid market value and an FHA approved appraiser confirms the value, it was a bad thing? For who or whom you may ask. I DON”T KNOW! So, they came up with the 90 day flip rule or as I like to say, they followed the rest of our politicians lead and slipped away from common sense.
Oh, I hear you out there, “quit your whining and be happy”. Believe me I am and I will continue to point out those slow sly acts or decisions that point our way back to common sense.
Happy Hunting.
Kelly…
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But, they don’t want the investor to make too much money on their flip.