FHA Extends 90 Day Flipping Waiver

Great News for Investors and First-Time Buyers!

FHA has extended the anti-flipping wavier through December 31, 2012.  Private sellers and investors can sell properties to buyers obtaining FHA financing without having to wait 90 days after they purchase a home.

The waiver is limited to home sales meeting the following general conditions:

• All transactions must be arms-length, with no identity of interest between the buyer and the seller or other parties participating in the sales transaction.
• In cases in which the sales price of the property is 20% or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.
• The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.