Can a lender require a waiting period before loan approval?


#1

I purchased a house at auction, fixed it, listed it and it is now in escrow. The buyer’s lender is requiring a 90 seasoning period before they will approve a loan. I have heard of this on FHA loans, but thought that the anti-flipping rule had been recinded. Any thoughts on this?


#2

As I understand it, the anti-flipping was only rescinded for bank owned properties… still impacts the rest of us. Try to avoid FHA when flipping, and try to go after offers with the largest downpayment.


#3

You cannot do a flip on FHA. I do have Investors that will do Conv flipps and VA flipps.


#4

Hello,
We have a short term private capital program in place that can be used to refinance a property purchased at foreclosure, free up working capital, and get taken out once the 90 day FHA period has expired. Feel free to call or email me: david@minerscapitalinc.com or 805.484.7800