26th Thursday Jan 2012

FLIPPERS: FHA to Continue Funding Flips

Written by: Vanessa
Comments: 0
Category: Real Estate Bits

Jeff Lewis, Pre-Flipout

Great news for flipping operations like ModOp and budding Jeff Lewis‘, the Federal Housing Administration is overriding its “anti-flipping” rule and will continue funding loans on properties that have changed hands in the last 90 days through 2012. For investors, this means another banner year of snapping up deep discount properties, rehabbing and selling for profits not seen since 2005.

The benefit of an FHA-backed loan is that a larger pool of borrowers can qualify since it requires minimal down payment. Since the extension of the waiver, the FHA has doubled the number of 90-day property flip loans from 21,000 in 2010 to 42,000 in 2011 totaling more than $7 billion that would have ordinarily not qualified. – Inman News

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