Property flipping occurs when someone buys a home for a low price, fixes it up, and sells it for a much higher price. While it sounds like a great way to make money, it’s frowned upon in the mortgage industry. In fact, the FHA does not allow the purchase of certain flipped homes. Looking for Current Mortgage Interest Rates? Click Here. We discuss the circumstances below. What Does the FHA Consider Property Flipping? The FHA’s rules are very clear. If a current owner owned the home for … [Read more...]
Who Is Eligible To Get An FHA Loan?
Many people are wondering what exactly must happen in order for someone to be eligible for an FHA loan. In order to be eligible for an FHA loan in the US, you must be 18 years old and meet the following criteria: Must have a valid permanent Social Security number One occupant borrower must have a valid credit score. Non-traditional credit is not acceptable. Must occupy the subject property as a primary residence (except for Streamline Refinances without an appraisal that allows … [Read more...]