Tuesday, January 19, 2010
The FHA regulation restricting FHA financing on homes that were "flipped" within the last 90 days has been mostly eliminated. Please read the FHA statement effective January 15, 2010. This will allow investors to buy homes through foreclosure, fix them up and sell them within as soon as possible - typically this process takes less than 90 days. There are still restrictions in place if the subsequent sales price is 20% higher than the acquisition price. That then requires additional lender review, a property inspection and market data justification of the new value. This seems fair - although still a bit "big brotherish".
4 year old, almost 1,500 square foot single family home, 3 bedrooms, 2.5 baths, large space dedicated to the master bedroom (including walk in closet, separate shower and soaking tub, double sinks), bright throughout the home - all in a wonderful complex with community pool, park and kid's play area. This home just went on the market and will sell quickly. Perfect newer home opportunity in Gilroy.