Cant flip to buyers with FHA loans anymore??? - Posted by Robin(AZ)

Posted by marie johnson on October 08, 2003 at 15:45:29:

I AM DEBT FREE HAVE EXCELLENT CREDIT AND HAVE A BEAUTIFUL HOME WITH 5 YRS LEFT ON THE MORTGAGE.
Is it possible to help familes/friends out with their pre-closures by fronting them the money to save their homes from foreclosure for a small fee or if they chose to have their homes re-financed with the same or another lender. Would I need to get a business license to do this, if so what kind of license?

Cant flip to buyers with FHA loans anymore??? - Posted by Robin(AZ)

Posted by Robin(AZ) on July 23, 2003 at 09:14:15:

http://www.money99.com/documents/Mortgagee-ltr-2003-07.pdf

Could someone tell me what this means for the fine art of flipping, please? Does it just mean that you have to disclose to your buyers that the property is only eligible for conventioanl, and not FHA, loans?

Thanks,

Robin

Re: Cant flip to buyers with FHA loans anymore??? - Posted by jasonrei

Posted by jasonrei on July 30, 2003 at 13:40:52:

No disclosure required IMO. Can still be flipped after 90 days.