| HUD Waives 90 Day Anti-Flipping Rule
By Brent Burns, Wintrust Mortgage Corporation, Crystal Lake Bank & Trust HUD announced, effective February 1, 2010, that they will waive the rule that requires a seller to own a property for at least 90 days before selling to someone securing an FHA loan. Here are the basic details: - The seller holds title to the property - LLC, corporations or trusts can serve as sellers as long as they are operating within applicable state and federal law - No pattern of previous flipping on the property exists for the most recent 12 months - The property was marketed openly and fairly, via MLS, auction, FSBO, or developer marketing |
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