The current FHA flipping waiver will expire on December 31, 2014. What does that mean for the real estate community? All fully ratified sales contracts dated on or after January 1, 2015 that are written using FHA financing must document the chain of title to reflect that the property has not sold within 90-days of seller acquisition. If the property has been sold within that 90-day window of time, the property will no longer be eligible for FHA financing.
For FHA Buyers, if the property you have your eye on is within that 90-day window, you’ll need to hurry up and get the property under contract or hope that it is still available after that window has closed. That’s a pretty big risk at a time when inventory is low as you may lose out to a Borrower who is able to go with a Conventional 3% down payment.
To learn more, give me a call, 360-459-1200!