First FHA PRE-90 Day Rule Flip Closed

Well, I can finally say it’s over.  We closed our first pre-90 day FHA flip.  House #32 turned out looking great, we got over 10 offers and picked a buyer that was willing to use our lender.

From there the process did not go smooth at all:

1. The Underwriter Wanted a Copy of Home Inspection Report

I’ve never had this happen before, but they where really anal that we fix some minor things called out on the home inspection report.  A sprinkler-head was leaking and they wanted full contractor approval.  It turned out to be a major pain.

2. The Underwriter Added a bunch of Conditions once we go Docs Signed

I always ask for a list of the conditional approval so I have an idea what it’s going to take to close.    Once the client signed Loan Docs the underwriter added all these Home Inspection conditions.

3. The Escrow Took 55 Days to Close

Due to all the stuff involved the escrow took a really long time to close.

4. Five out of Six Lenders Said they couldn’t do the Loan

I still have not found a lender that I am 100% happy with, I called a lot of them I have worked with in the past.  Everyone except one said they could not touch the loan at all.

5. The Borrower got Charged Extra

Like I said, only one bank would do the loan and they charged the borrower a half point extra to do the loan.

The good news is we got the loan closed and are ready for the next one.

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