Question:
“I heard you can’t get a loan any more if you buy a flip property. Is that true?”
Answer:
No, but there was one change involving buying a flip, or renovated resale property.
FHA announced that starting January 1st, if you want to get an FHA loan, you can’t even WRITE your offer until the “flipper” has owned the home for 90 days.
This policy is meant to prevent fraud. But in reality, it does little to prevent fraud and more to make it harder to buy a flipped property.
