Showing posts with label REO FHA Resales. Show all posts
Showing posts with label REO FHA Resales. Show all posts

Kentucky FHA Property Flipping Guidelines

Kentucky FHA’s resale 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 2nd appraisal
  • 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 2nd appraisal
  • 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

Kentucky  FHA Property Flipping Guidelines
Joel Lobb (NMLS#57916)
Senior  Loan Officer
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346

Text/call 502-905-3708
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.
Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant's eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916