And this is where the all-important 90-day rule comes into play. Generally speaking, a home that is resold 90 days or less after the first date of acquisition is not eligible for FHA mortgage financing. Second Home Appraisal Required in Some Cases. In some flipping or quick-turnover scenarios, HUD will require a second appraisal on the home.
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A joint working group has been established to look for root causes of these problems which include FHA appraisals and high risk appraisers. after guilty pleas in connection with a flipping scheme.
SettlementOne is a provider of data and appraisal services to financial lending institutions. The company also sent out news on FHA & VA’s "Property Flipping Waiver Extension," discussed.
On May 1, 2003, the Department of Housing and Urban Development published a final rule in The Federal Register amending the mortgage insurance regulations to prevent the practice of flipping on properties that will be financed with federal housing administration (fha) insured mortgages. Property flipping is a practice whereby a recently acquired property is resold for a considerable profit with an artificially inflated value, often abetted by a lender’s collusion with the appraiser.
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FHA does reserve the right to require additional documentation like a second appraisal IF. Sale date is between 91 and 365 days AND; Resale price is 5% or greater than the lowest sale price of the property within preceding 12 months; exceptions to FHA Flipping Rules. Not all recently acquired homes are considered flips. So the follow sales are exceptions to the flip rules:
Note: For the 90-day property flipping rule, a second appraisal is optional. If a second appraisal is performed, the Appraisal Report is placed in the case binder and is not recorded via Appraisal Logging on the FHA Connection.
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For the second time in the last two months. of displacing competition for the setting of appraisal fees and ultimately harming consumers in the form of higher prices.” As with Louisiana’s rules,