Three Things You Should Know About Buying Flip Homes!

Dated: 08/15/2018

Views: 115

Consdering buying a fixer upper as a fix and flip? Here are a few things you may want to know.

1. Property flips may be eligible on various loan types.

2. Effective 12/31/2014 FHA Waiver for FHA “Flips” expired, therefore FHA will not allow financing on a “Flip” property within 90 days of purchase. If the sale is within 91-180 days from the last sale, and the sales price is more than 100% of the last sales price, then two appraisals are required.

3. Jumbo lenders don’t have any specific guidelines for flips, but they will scrutinize values more. It’s not uncommon for lenders to lend less on high-end flips.

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Karyn Finnell

A Southern California native, I came to Prescott by way of Massachusetts where I lived with my husband and children for many years. I have happily lived in Prescott for over 11 years now and am I prou....

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