VA – Flipping Rules

Question: What are the flipping rules for a VA loan? Answer: VA is definitely a different animal when compared to the other agencies, so confusion is certainly understandable! VA has no flipping policy (like FHA does) and would allow the immediate resale. However, you can expect close value scrutiny from an underwriter on any flip [...]

2019-08-21T12:54:41-05:00August 26th, 2019|

FHA – 1031 Exchange & Flipping Requirements

Question: I have a property that transferred title on 05/16/19 due to a 1031 Exchange. Is this considered a flipped property since it was transferred to a corporation during the exchange? Answer: FHA does not address your situation directly in the guidelines. However, they do discuss a similar situation in the FHA FAQ database. As you can [...]

2019-08-21T12:22:38-05:00August 26th, 2019|

FHA – Timeline for Flipping Rule – What exact date does FHA use to determine the 90-day rule for property flipping?

Answer: Per the guideline below, you have to measure from the date the seller legally owned the property to the date the buyers executed the sales agreement.  You will need to discuss what constitutes ‘legal ownership’ in the subject property state with your company’s management or in-house attorney.  I can’t provide that information, as this [...]

2018-09-25T09:33:13-05:00September 21st, 2018|