 |
Sell
Mortgage,
Real
Estate Investment,
Seller
Financing,
|
|
|
Place/View Listings: Sell Mortgage • Mortgage Wanted • Get Mortgage • Note Brokers • Mortgage Brokers • Lenders Bookstore |
Site Index | |
HUD now bans property flipping.The U.S. Department of Housing and Urban Development has passed a measure that will ban the use of the HUD mortgage insurance program by sellers who have owned the property for less than 6 months. Lenders please note, this will reduce the price that could be bid at a foreclosure sale by legitimate real estate investors who want to buy your foreclosure, fix it up and resell it. Real estate investors, this will remove a vital avenue for you to resell properties at a profit that you have legitimately purchased at below market prices and fixed up for resale at fair market price. Fannie Mae and Freddie Mac may well follow HUD. The new rules are summarized as follows: Sale by Owner of Record:Only the owner of record may sell a home to an individual who will obtain FHA mortgage insurance for the loan; it may not involve any sale or assignment of the sales contract, a procedure often observed (according to HUD) when the homebuyer is determined to have been a victim of predatory practices. Time requirements
Keep in mind that these rules apply ONLY to FHA loans. If you are in the flipping business, make sure your buyer is not seeking FHA financing. If you list the property with an agent on the MLS, make sure the terms clearly state "NO FHA LOANS." The good news is that there are plenty of first-time homebuyer programs from that rival the FHA loan programs.
|
Free info on mortgage investments, private mortgages, hard money mortgages, discounted mortgages, seller financing.
Mortgages, owner financing, deeds of trusts, discounted mortgages, seller financed mortgage, hard money mortgage Web sites design hosted for note brokers note and cashflow buyers web site design hosting Web site design hosting for mortgage brokers, mortgage broker web site design | |||||||||||||||||||
