OfflineFHA Commissioner David Stevens announced today that the FHA Anti Flipping Waiver will continue throughout the remainder of 2011 to accelerate the resale of properties in neighborhoods struggling with property abandonement. They claim 21,000 mortgages have been originated using the waiver worth over $3.6 Billion in property sales
•All transactions must be arms length, with no identity of interest between buyer and seller or any other participating parties in the transaction
•There are additional restrictions where the resale price is greater than 20% of the seller acquisition price. Expect that two appraisals and a home inspection will be required. Additionally, documentation of improvements may be necessary to justify the new sales price
•The waiver is only for forward mortgages, and not for Home Equity Conversion Mortgages
•The seller must hold title to the property
•No previous pattern of property flips within last 12 months
Just for you guys to know what's happening out there.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
How come when people post very important information they is usually no response?
I just did one I purchased Nov. 23rd, rehab done, its listed, but we can not close until Feb. 23rd.
This should not effect wholesale deals sense you usually don't make over 20% of purchase price.
Thanks again Bill,
Michael Mangham
MD Home Acquisitions LLC
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we really know the true answer to that question, don't we?
Always Looking to Acquire Houses | Always Looking to Amaze Investors
for the info Bill,
always keeping us well-informed and up-to-date! appreciate it!
Valerie
Valerie
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Thanks for the heads up Bill.
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It has been extended to 02/12. Saw that and posted it on the forum about HUD sales. But you did it better. It was on Realty News.
Michael Radtke
www.nationalpropertyscout.com
Slide Show:
www.nationalpropertyscout.com/Slide-Show.html
peace,
Dana w/ Crossroads Solutions LLC
http://www.DanaLeigh209.com
http://www.DanaLeigh209.net
http://www.ULostThis.com
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I am direct to the VP of a $100 million dollar open-ended debt and equity fund which actively writes checks to fund businesses with an EBITDA of at least $1 million a year. We fund also have access to up to $500,000,000 for the purchase of distressed real estate, specially commercial $7,500,000 and up.