90 Day flip rule update!
After killing my self to find a solution I came to a solid conclusion. THERE IS NO WAY AROUND THE 90 DAY FLIP RULE!
As a matter of fact. It's even worse then you think.
1. Be sure you get a cashiers check dated the same date as the offer prior to opening escrow.
Even though FHA noes not require the check to be dated the same as the offer the underwriters do. They do not have a clear understanding of the guidelines and will kill the entire deal over the check. And don't think you can fix this mid escrow. The buyers are required to submit bank statments so any more money moving around looks bad. You have to start all over again.
2. Make sure every thing else in your lender package is dated 91 days or more after the recording date of your purchase.
If an underwriter has any knowledge of the transaction being put together before the 91 day mark they will kill the deal.
3. Require the lender use your appraiser. HVCC does not apply to FHA direct lenders.
This is more a conflict of interest issue than anything. If the lender uses your appraiser then you should have no dispute over the value. It was your appraiser after all. Be sure the appraiser you choose has the same view on the market you do and will defend your value to a review appraiser.
4. Any home sold within 90-180 days of your purchase date requires a second appraisal.
The lender will get the appraisers info on his/her conditions list. Be sure to pass that info along to your appraiser so he/she can contact the other appraiser if they are from out of the area. Also, leave a copy of the comps in your appraisal at the subject property for the second appraiser. This is not a violation of HVCC according to the VP of the Appraisal Institute.
Edited Jun 26 2010, 09:38