Posted by NCPaul on August 24, 2003 at 14:40:23:
Might have been, I don’t do anything with FHA so I’m not familiar with their guidelines. I wouldn’t be surprised though.
fannie mae foreclosures - Posted by Lloyd
Posted by Lloyd on August 18, 2003 at 15:07:56:
A title insurance agent told be that you could not purchase a Fannie Mae foreclosure and flip it within 6 months. I remember reading something on this, but I understood that you just could not flip it with Fannie Mae financing within this time frame. Which is correct? Thanks, LDA
Re: fannie mae foreclosures - Posted by NCPaul
Posted by NCPaul on August 22, 2003 at 20:29:28:
You can flip anything you own, buy low sell high is something that they haven’t figured out how to outlaw . . . yet. The problem with Fannie Mae is that they are the underlying note buyer for a majority of conforming credit loans. (ABC Mtg closes a loan and it eventually ends up in Fannie Mae’s hands.) Since they can also refuse to buy paper, it makes it tougher to sell the note so you may find a buyer and they aren’t going to be able to close a loan where the investor intends to sell to Fannie Mae. The good news is there are plenty of other buyers out there ranging from private buyers to Freddie Mac and Ginnie Mae. Some of these may also take issue with a quick sale but financing a quick flip is still not too hard. Check with your mortgage broker to get specific details as it relates to you and your property.
Good Luck
Re: fannie mae foreclosures - Posted by Lloyd Adams
Posted by Lloyd Adams on August 23, 2003 at 05:51:03:
I know I somewhere read an article dealing with this issue, could it have been specific to FHA loans? Thanks, LA