Freddie Mac / Fannie Mae guidelines for flip properties
Folks,
Can you please advise what are the latest rules for a buyer while considering a property that is being flipped by the seller ? If there any 90 or 180 day rule that prevents the sale of a flipped home to a buyer trying to get an FHA or conventional loan ?
Please advise.
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Are you buying a FNMA foreclosure to flip ? Not all is clear by your question so hear are some basic rules :
If you purchased a FNMA to flip there is a deed restiction that you cannot sell for 90 days for more than 120% of your purchase price
Selling a property to an FHA buyer irregardless who you purchased it from, you make not contract with the buyer until your deed has been recorded for 90 days . Conventional loans do not have these restrictions but always verify with your buyers mortgage company prior to signing a contract as their investors may have restrictions in place