FHA extends “Anti-Flipping Waiver” to Help Stabilize the Kentucky Housing Market for FHA loans


 FHA extends “Anti-Flipping Waiver” to Help Stabilize the Kentucky Housing Market for FHA loans

FHA extends “Anti-Flipping Waiver” to Help Stabilize the Market

 

Effective currently until December 31, 2011, FHA loans in Kentucky will continue to allow the 90-day waiver for all properties acquired directly from a lender, but prohibitsKentucky FHA financing for properties owned less than 90 days if the sales price is greater than or equal to a 20% increase over the seller’s acquisition cost. The 90 days is calculated from the seller’s acquisition date to the purchase contract date of the new transaction.

 

If the resale occurs within 0 to 90 days, the following requirements must be met:

 

1. All transactions must be arms-length; no identity of interest between buyer, property seller or third parties. Specific ways to ensure an arms-length transaction include:

 

o

 

 

Property seller currently holds title to the property. LLCs, corporations or trusts serving as property sellers must meet all applicable state and federal law.

 

 

o

 

 

No pattern or previous flipping activity exists on the property (as evidenced by multiple title transfers within 12 months.

 

 

o

 

 

The property was marketed openly and fairly (Any sales contracts with “assignment of contract of sale” may be a red flag).

2. Transactions with sales price greater than or equal to a 20% increase over seller’s acquisition cost are not allowed.

 

FHA extends “Anti-Flipping Waiver” to Help Stabilize the Kentucky Housing Market for FHA loans

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Author: Louisville Kentucky Mortgage

I have helped over 589 Kentucky families buy or refinance their home over the last 18 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process. I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues. You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process. Give us a try or let us compare your options on your next mortgage transaction. Call me locally at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications. Email me at kentuckyloan@gmail.com with your questions I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance. This website is not an government agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. NMLS# 57916 http://www.nmlsconsumeraccess.org/ Joel Lobb Senior Loan Officer (NMLS#57916) American Mortgage Solutions, Inc. 800 Stone Creek Pkwy, Ste 7, Louisville, KY 40223 phone: (502) 905-3708 Fax: (502) 327-9119 kentuckyloan@gmail.com Company ID #1364 | MB73346 http://mylouisvillekentuckymortgage.com Equal Housing Lender

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