We are still getting FLIP questions. We have both FHA and Conventional lenders that allow for FLIP Transactions. A FLIP is a property getting re-sold by a party (other than a bank) that took possession in the last 90 days.
Our FHA FLIP lenders typically request two appraisals to ensure the value is there and they require the appraisers to explain why the value increased from the time the selling investor bought the property.
Our main point is that FLIPS are “OK” for both FHA and Conventional loans. Do not let any lenders tell you otherwise. We can close our FLIP transactions in 30 days.
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167