Is Bank of America (BofA) honoring 90 day flip rule waiver on FHA loans?
I want to make an offer on a house, however, it was last sold a month and a half ago (June 2010). I read online that HUD has waived the 90 day flip rule, but it looks like not all lendors are honoring it. I'm pre-approved through BofA and have been unable to get a clear cut answer from them.
Anybody out there have any information in regards to which lendors are honoring it?
Here is the info from HUD's website.
- Glenn SLv 710 years agoFavorite Answer
I'm not aware of FHA waiving the flip rule. You will probably have to wait the full 90 days after the last sale to get another FHA loan on the property.
My understanding is that you can go less than the 90 day time period if the property sells for no more than 20% of the original sales price and the seller must provide all the receipts for the repairs and improvements done.
- stabsLv 43 years ago
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- linkus86Lv 710 years ago
The reason is because Bank of America is likely unaware that the rule was suspended as of Feb1 of this year. Still, lenders have the legal right to put subjective restrictions (covenants) on any sale regardless.