24 Apr FHA Flipping Guidlines
I know there are a lot of misnomers out there about flipping houses in todays market when the buyer is using FHA financing.
Many of our buyers use FHA financing, as a matter of fact, 2 of the flips we’re closing this month are using FHA financing, so I thought you may like to see what some of the keypoints are just to keep you informed.
I know some investors who are scared away from offers from buyers who are using FHA, but to me, thats generally a lack of knowledge/experience and many times can be like walking away from the closing table.
Yes, there are a few guidelines you need to be aware of, like have you owned the property for at least 90 days and the loan of course will be dependent upon the appraisal. As well as a few other things. However, I can honestly say I’ve never lost a buyer I went into contract with that was using FHA financing, so I think the good rule of thumb here is to make sure your buyer is qualified and that you are aware of the guidelines as well and will not be the stumbling block to your own flip in the end.
Hope this helps you in your flipping adventures,