If you are getting approved for a FHA mortgage be aware of the FHA Property Flipping guidelines. In today’s market property flipping and foreclosures are occuring more often. A property flip is when you purchase a home from the current owner less than 90 days of them purchasing it. If this is the case you are not eligible for FHA financing until the 91st day.
How can you tell? Usually it will be in an LLC on the contract. Also you can ask your realtor - they should know how long they have owned the property.
This is why you must work with an experienced real estate team to ensure a smooth transaction! If you are looking to get qualified for a mortgage in virginia beach, chesapeake, norfolk, suffolk, portsmouth or the rest of Hampton Roads, VA contact us and we can also refer you to an experienced realtor to help you find your home!
New American Mortgage
Naoma Doriguzzi
naoma.doriguzzi@newamerican.com
(757) 971-2876
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