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?

Update:

Here is the info from HUD's website.

http://portal.hud.gov/portal/page/portal/HUD/press...

3 Answers

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  • 10 years ago
    Favorite 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.

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  • stabs
    Lv 4
    3 years ago

    i do not blame you...and that i'm not adverse to each and each and every of the ilegal those who comes the following to artwork and stay a modest existence...i'm adverse to on the how economic company of united statesa. are so hipocritcs about what they doing this...10 years in the past I wasn't in a position to open an a bank account at that BofA because i'm a hispanic..yet i'm an american they puzzled me about me been an american and they did not enable me open the account..i'm an American latin blood and they puzzled me about my very last call been american so fairly that did make so indignant and prefer I continually say what is going round comes round and fairly each and every thing that is detrimental for that economic company they do deserve it..They discriminate me even i'm an american...So what's the possibilities about that...look at Compass economic company they per chance is a illegals free...solid success!!!

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  • 10 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.

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