Welcome to the Real Estate Law weblog. Here you'll find items pertaining to real estate from a lawyer's perspective.
Tue Jun 13, 2006
New Flipping Rules from HUDToday's Inman News reports on new anti-mortgage fraud FHA regulations of significance to flippers.
If you're looking to sell an investment property to someone seeking FHA insured financing, new rules issued by the agency need to be examined.
Under the rules, effective in early July and intended to inhibit predatory lending on overpriced properties, FHA financing will not be available for sales of homes purchased by the Seller within the previous 90 days. Further, to be eligible for FHA financing, the Seller must be the actual owner of record.
There are some exceptions, of course, but none that undermine the purpose of the rule.
For more, see http://www.inman.com/hstory.aspx?ID=53130
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