Kentucky FHA Property Flipping Guidelines

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FHA’s re-sale restriction period is defined as the time between the date of acquisition (original settlement date) and the date of execution of the new sales contract (the new loan closing date)
Re-sales of a property less than 90 days after acquisition are not eligible for an FHA insured mortgage
Re-sales occurring between 91 and 180 days of acquisition with a sale price 100% over the original purchase price must have the value supported by a 2nd appraisal
Re-Sales occurring between 91 days and 12 months of acquisition with a re-sale price 5% greater than the lowest sales price of the property during the 12 months preceding the sales contract may be subject to a 2nd appraisal
Exceptions to the time restrictions on sales:

Sales by HUD of Real Estate-Owned (REO) properties under 24 CFR part 291 and of single family assets in revitalization areas pursuant to section 204 of the National Housing Act (12 U.S.C. 1710);
Sales by another agency of the United States Government of REO single family properties pursuant to programs operated by these agencies;

Sales of properties by nonprofit organizations approved to purchase HUD REO single family properties at a discount with resale restrictions;
Sales of properties that were acquired by the sellers by inheritance;
Sales of properties purchased by an employer or relocation agency in connection with the relocation of an employee;
Sales of properties by state- and federally-chartered financial institutions and government-sponsored enterprises (GSEs);
Sales of properties by local and state government agencies; and
Only upon announcement by HUD through issuance of a notice, sales of properties located in areas designated by the President as federal disaster areas. The notice will specify how long the exception will be in effect.
Read More about Flipping Rules for FHA, VA , USDA and KY Housing Mortgage Loanss in Kentucky at the link below
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http://www.emailmeform.com/builder/form/0bfJs9b6bK8TGoc6mQk9hIu
 
Joel Lobb (NMLS#57916)
Senior  Loan Officer
 
American Mortgage Solutions, Inc.
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

 

http://www.nmlsconsumeraccess.org/
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/

— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

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