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What you need to know
Here is the info for flips as it pertains to getting an FHA loan.
HUD has Issued a waiver of the 90 day flip rule for the following forward mortgage transactions:
- The transaction must be arms length with no identity of interest between the parties. This may be verified by the lender reviewing the following:
- The Seller holds title to the property.
- LLC’s, corporations or trusts that are serving as sellers must meet state/federal law.
- No pattern of previous flipping exists for the subject property.
- The property was openly marketed via MLS, auction, FSBO or any other public means.
- In cases where the sales price exceeds the previous sale by more than 20% the waiver will only apply if the lender:
- Can justify the increase in value either actual rehab costs that have gone into the property (and justified by appraiser), or by obtaining a second appraisal, AND
- Must have a property inspection performed prior to closing, the broker/correspondent must order and pay for this inspection. HUD does not require a HUD inspector to perform this inspection; however they must be a qualified disinterested third party, licensed if required by the state. The inspection must include the following:
- Structure review: foundation, floor, ceiling, walls and roof
- Exterior review: siding, doors and windows
- Plumbing and electrical systems, heating and air conditions
- All interior
- All insulation and ventilation systems including fireplaces.
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