Financially Free Real Estate Investor » flip http://www.financiallyfreelandlord.com Get Your Questions About Real Estate Investing Answered Sat, 23 Apr 2011 13:46:35 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Does the FHA 91-day rule apply to my newest property? http://www.financiallyfreelandlord.com/does-the-fha-91-day-rule-apply-to-my-newest-property/ http://www.financiallyfreelandlord.com/does-the-fha-91-day-rule-apply-to-my-newest-property/#comments Thu, 17 Dec 2009 04:51:19 +0000 Scott Nachatilo http://financiallyfreelandlord.com/does-the-fha-91-day-rule-apply-to-my-newest-property/ Question: “There is a 91-day “flip rule” for any property purchased and sold to someone who intends to purchase your property with FHA financing. I know that applies to the REOs I’ve purchased, fixed up, and sold. Does it also apply to properties purchased from individuals?”

Answer: “Unfortunately, the answer that question is yes. That 91-day rule applies to any properties that you have purchased.

If you have purchased a property you intend to fix and flip, you need to pay special attention to this rule if you want to get paid for your work as a rehabber. FHA is currently backing most of loans for retail buyers.

Your contracts must be dated after the 90th day of your ownership of the property. If they are not, FHA will kick out the contract.”

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