Homes being "flipped" between 91 and 180 days of original acquisition date (as defined by FHA) are eligible for FHA financing – provided: Re-sale price to FHA mortgagors is less than 100% greater than previous sale If re-sale price is 100% or greater than the previous sale, a second appraisal is required and must support the value
If the resale of a home occurs somewhere between 91 and 180 days after the seller acquired the property (and the resale price is 100% or more above the initial price paid), the lender must obtain a second home appraisal to determine the current market value.
Property Flipping And FHA Home Loan Rules. What do you need to know about property flipping and FHA home loan rules? The first thing to know is that flipping is addressed in the FHA loan handbook, HUD 4000.1 and there are measures in place to discourage the practice.
FHA’s flip rule was put in place to stop this process. A final ruling requires that a seller must own the property for a minimum of 90 days to be eligible for FHA insured financing The 90-day clock starts from the deed recording date which is the date when the seller stakes ownership FHA then goes on to expand the rule all the way up to 180 days
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In order to eliminate the highest risk examples of predatory property flipping transactions within FHA mortgage insurance programs, FHA requires that a property owner not accept an offer to purchase from a bona-fide buyer until the 91 st day from the seller’s acquisition date of the property. Seller’s acquisition date is defined as the date that the seller legally took title to the property.
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Prior sale occurred 0-90 days 91-180 Days Eligibility for FHA Financing Not Eligible exceptions include relocation agencies and re-sales by employers to employees and sales by HUD of Real Estate Owned. The HOCs cannot grant exceptions.
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