Flipped Property Finance Options
Looking to purchase a FLIPPED property?
We know the ins and outs of guideline requirements for flipped properties, and by managing the appraisal process in-house, we make sure that additional appraisal requirements are handled as efficiently as possible.
We offer the following finance options for flipped properties:
Conventional financing for properties seasoned < 90 days (2nd appraisal may be required)
FHA financing for properties that have increased in value by more than 100% and are seasoned between 91 and 180 days (lender - paid 2nd appraisal is required)
Keep in mind the following:
- For FHA, a seller must have held the property at least 91 days.
- Seller must be on title at time of sales contract.
- If MI (Mortgage Insurance) is required on a conventional loan, most MI companies require at least 90 days seasoning.
- Borrowers must meet credit, income, and asset requirements, and the property and transaction must meet all of our guidelines - check with me for more details.
Call me to learn more about the finance options available for flipped properties.