Expiration of the Federal Housing Administration‚Äôs Property Flipping Waiver
Dear Licensed Partner,
The Federal Housing Administration‚Äôs (FHA) Office of Single Family Housing announced that the temporary waiver of FHA‚Äôs regulation that prohibits the use of FHA financing to purchase single family properties that are being resold within 90 days of the previous acquisition, expires on December 31, 2014.
The FHA flip waiver applies to all sales contracts executed on or after February 1, 2010 until 11:59 PM, December 31, 2014. Mortgages that are made on properties in which sales contracts have been executed after 11:59 PM, December 31, 2014, are not eligible for FHA flip waiver program as per the FHA Info #14-73.
However, there are a few exemptions to the FHA flip guidelines as per Section 203.37a(c). The exempt transactions include:
If you have any questions, please contact your Client Relations Manager at (855) OK SUNWEST or (855) 657-8693.
This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.