Tuesday, November 6, 2018

Kentucky FHA Property Flipping Guidelines


Kentucky FHA Property Flipping Guidelines




Kentucky FHA’s re-sale restriction period is defined as the time between the date of acquisition (original settlement date) and the date of execution of the new sales contract (the new loan closing date)


  • Re-sales of a property less than 90 days after acquisition are not eligible for an Kentucky  FHA insured mortgage
  • Re-sales occurring between 91 and 180 days of acquisition with a sale price 100% over the original purchase price must have the value supported by a 2ndappraisal
  • Re-Sales occurring between 91 days and 12 months of acquisition with a re-sale price 5% greater than the lowest sales price of the property during the 12 months preceding the sales contract may be subject to a 2ndappraisal
  • Exceptions to re-sale time restrictions:
  1. Sales of Kentucky HUD owned properties
  2. Sales by another agency of the United States Government of REO single family properties
  3. Sales of properties that were acquired by the sellers through inheritance
  4. Sales of properties purchased by an employer or relocation agency


 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 

Text/call 502-905-3708
kentuckyloan@gmail.com
http://www.nmlsconsumeraccess.org/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.
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