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Friday, February 19, 2010

FHA Provides Wiggle Room for Flippers!

Flippers sometimes were on the receiving end of the blame for the housing crisis that we are stuck.  Of course others receiving blame included sub-prime lenders and Realtors! 

Flippers are what we refer to as investors.  They buy property, fix it up and try to make a reasonable return on their investment.   

I am not a real estate investor, attorney or accountant. Find a good book like FLIP: How to Find, Fix, and Sell Houses for Profit and/or join a local investor club to learn the business.  This is a business, not a hobby!

The FHA had placed hurdles to these investors that restricted re-selling propeties that would be financed by FHA insured loans if the the properties had not been held for more than 90 days (plus some other rules.)

The FHA has finally relaxed the rule. Read the announcement here.

Another excellent resource is the blog by Bill Ladewig,  Your FHA Guru.  In the Brevard County, Florida area, give Greg Stewart or John Parlow of AJC Lending a call at  (321) 610-2141. Tell them, I referred you!

If you are in the market for lower priced, entry level homes, the time to buy may be right now - before the investors get their hands on them all!

Gary Waters, Florida licensed real estate agent, Bucci Realty, Rockledge Florida working exclusively with Century 21 Baytree Realty. 

Please visit my latest blog Florida Homes and Condos for Sale for information on the Brevard County Florida real estate market.

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