Comments on: FHA 90 Day Flip Rule … A Major Pain

By: ray

ray — Fri, 19 Mar 2010 17:59:39 +0000

I am a banker at a major bank , the 91 day rule has OVERLAY conditions which bottom line keeps it at 91 days. Brokers ( other lenders not major banks) can get it done BUT they have major hurdles also and much more fees. Its still a mess and we need to wait and see.Dont spend a dime on a inspector till you have it all lined up.Inspectors report also will blow up your deal.

By: Steve

Steve — Mon, 15 Mar 2010 06:04:27 +0000

Krysta – I don’t know who is telling you this, but they are completely wrong. Try a non-big brand name bank, we do it all the time.

Where are you located. Try Mortgage Grapevine, and post your loan scenario.

By: Krysta

Krysta — Mon, 15 Mar 2010 02:46:47 +0000

We are trying to buy a flipped house with FHA. Even though we can easily wait 90 days from the invesntor’s sale, our lender will not lend on the flipped home period. Right now it looks like the only bank that WILL lend is Wells Fargo, and the seller must prove that they are not making more than 20% profit.

By: Sally

Sally — Wed, 03 Mar 2010 23:27:15 +0000

I work with 2 lenders that do not have a flip rule on conventional financing….for owner occupied or investor.

On FHA the rule is the contract cannot be written or executed within the 90 days.
On the new flip I hear that 2 large major banks are not underwriting with the new guide. The old flip is still recognized. Does anybody know anything about this

By: Ryan

Ryan — Tue, 16 Feb 2010 23:45:18 +0000

I have been investing in and flipping homes now for 4 years and am getting sick of the news rules roiling out every time I turn around. Rules that make absolutely no sense when you really think about them. I am finding that it’s really hit-n-miss which banks require a 90 day deed seasoning on their 5% down conventional loans. Today I found 3 that did and 1 that did not require a 90 day window. I am assuming that sooner than later the practice of waiting 90 days will trickle down through all the banks. I guess I’m going to have to cut my crew in half so it will take 90+ days to finish a house!

By: Milla James

Milla James — Wed, 03 Feb 2010 00:49:17 +0000

Are you sure that it’s the same for a conventional loan. I am a buyer and instead of doing a fha loan I was thinking of going conventional. Do you still have to wait 90days if going conventional? does anyone know for sure?. If so what other steps can I take.

By: Martha

Martha — Wed, 16 Dec 2009 14:21:03 +0000

We have a seller that is being transferred & the closed on his home on october the 30th.
He has a conventional loan but the buyer wants to go FHA.
Can the seller show proof that he is being transferred & move forward?
MMM

By: liam

liam — Thu, 19 Nov 2009 20:30:52 +0000

I am a real estate investor and ran into title seasoning on a conventional loan. They are saying it is gonna be the same as FHA. Is this a new rule that just went into effect.

By: Dave

Dave — Sat, 24 Oct 2009 21:21:32 +0000

Nearly all banks now have overlays to Fannie/Freddie that will require 90 day waits to finance a flip mirroring FHA

By: Steve

Steve — Tue, 01 Sep 2009 06:20:27 +0000

Technically speaking, if you find a conventional or a VA buyer you should be able to do. You might run into appraisal issues and some banks will require you to wait 90 days on a conventional loan anyways.