Please email me feedback if you have run into this scenario.
We have all been receiving emails and information about how the 90 day flip rule was to be waived for a year starting February 1st, 2010. What all the information is not telling you is that this "Rule" is really an initiative by HUD, not a law. This means the banks do not have to abide by it. So of the 10 investors my lender deals with only 1 is willing to finance my FHA buyers within the 90 days of the previous purchase date.
So is this rule a pharce or what? Irritated.
Check out http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf
Beware with your FHA buyer's mortgage company. Verify that indeed they will fund on a home that has been flipped within 90 days. Listing agents do not rely on buyers agent to know this. If you do not want your deal to fall apart call the mortgage co yourself to verify they will financing the deal.
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