The FHA Guidelines are changing -more stringent on Flipping Rule and appraisals for 2015. VA Loan Limits are Changing at the end of the end too. The VA loan limit for Alameda and Contra Costa County has been reduced from $1,050,000 to $625,500 effective midnight December 31, 2014 Contact Robin Watson-Bird of the Robin Bird Team for more info 925-577-8692
Month: December 2014
FHA Changes Effective January 1, 2014
Effective January 1, 2015, FHA will have let their 90 day waiver on flipped properties lapse. This means that after January 1, 2015, a borrower wanting to purchase a flip will have to wait 6 mos + 1 day to purchase.This change will affect both buyers as well as sellers who are flipping properties. In my opinion, it will likely slow the sale of flipped homes and even lower the price of them in areas where FHA financing is the norm and so is flipping property since supply and demand will be affected.