FHA loves Investors Again

I found some incredible news for investors…

Friday, the FHA has suspended the 90-day anti-flipping rule for 1 year, effective February 1, 2010. So for at least the next 12 months, FHA buyers can obtain loans on properties that have been recently purchased by investors.

This is great news for investors trying to flip properties to FHA Buyers! For the next year at least, you wont’ have to sit on your laurels waiting for 90 days on title before you can even GO TO CONTRACT with a buyer.

Here’s the first article I read about it: http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-011

Here’s the actual PDF from HUD that makes it official and takes you through the grueling details…if you like that sort of thing.
http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

How about that, FHA just got a little less sucky. For now. And just a little. Apparently there are a few details to be aware of, such as if the resale is 20% higher than the investor’s purchase, you’ll have to pony up some proof to an independent appraisar that renovations and repairs justify the higher price.

But that’s just good standard practice to have handy as a flipper these days anyway.

Will this make your life easier, or what?

Last, but not least….with this incredible news I want to give you more incredible news!

Granite Real Estate will be kicking off it’s investing series seminars again in February. 2nd Wednesday of each month at 7pm. Sign up to get on the priority list at www.RealEstateGranite.com.