FHA will no longer finance “Flips.” A “Flip” is any property that was purchased and re-sold within 90 days of the purchase date. This means the contract for 2nd purchase cannot have any dates on it that are within 90 days of the previous purchase.
If a buyer goes into contract within the 90 day period, even if the close is outside the 90 day period, the transaction is still a “Flip.”
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