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FHA 90 Day Flip Rule is Waived for Idaho Buyers, Sellers, Investors

The last few years in the mortgage industry has been interesting to say the least. With FHA Doing away with the 90 day flip rule this will open up the market for investors and buyers to purchase properties and help eliminate some of the inventory on the market.

Below are some of the details behind the current 90 day flip rule being waived.

Six major things to know about the 90 day flip rule being waived:

1. Waiver takes effect February 1st, 2010 for a period of one year unless extended.

2. Investors are now exempt from the 90-day seasoning rule.

3. All transactions must be arms-length

4. No Identity of interest can exist between buyer and seller

5. If sales price is 20% or more of the sellers acquisition cost, the lender must:
a) Provide supporting documentation and/or a second appraisal and
b) Order an inspection of the property and provide it to the buyer

6. The waiver is limited to forward mortgages only.

If you or anyone you know has questions pertaining to the FHA 90 day flip rule feel free to contact me.

Michelle Guth
Diversified Mortgage Group
Mortgage Consultant
Direct: 208-853-7878
Michelle@dmgloans.com
ID MBL-5696 / NMLS # 36853 / 36852 / 1850
www.idahohomegroup.com

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