Answers (3)
- Rob Weber, "RobTheRehabMan"
- Contributions:65
That loan officer's bank must have _very_ conservative guidelines, I don't know a single lending source that uses those guidelines.
For FHA loans, as previously stated, these deals are doable but you'll need the seller to provide the documentation. In addition, expect the lender to order a second appraisal after yours is complete (you don't have to pay for the second one) so there's two opinions of value. The underwriter will use the lower of the two appraisals.
Conventional loans on flips carry little red tape other than possibly having to document the improvements.
Best of luck!
- Alma Kee, "Realtor Alma"
- Contributions:151
Some underwriters do not like to see "flips" and it was true over a year ago that there was a 90 day restriction but that has been repealed.
I would also contact credit unions to shop mortgage rates and "lender related" fees. Credit Unions often lend their own money and do not immediately sell it off to an investor (versus most banks that immediately sell off your loan after closing) so you may not have to fit the exact criteria that the "typical" Fannie/Freddie/FHA mortgage will require.
All the best,
Alma Kee, Realtor Tampa
I would also contact credit unions to shop mortgage rates and "lender related" fees. Credit Unions often lend their own money and do not immediately sell it off to an investor (versus most banks that immediately sell off your loan after closing) so you may not have to fit the exact criteria that the "typical" Fannie/Freddie/FHA mortgage will require.
All the best,
Alma Kee, Realtor Tampa
- Al Norman, "PRMI Branch Manager"
- Contributions:58
That is absolutely not true. If you are trying to acquire an FHA loan(which I am assumimg) you would just need to seller to document the improvements if it is less than 90 days since the sellers acquisition of the property. If it is beyond 90 days then the process is even simpler. We do these all the time. I hope this helps.
Al Norman
Branch Manager - Casselberry, FL
PRMI
Al Norman
Branch Manager - Casselberry, FL
PRMI
Is it true that I cannot obtain a loan for a home that the seller has owned for less than 90 days?
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