February 5, 2010

Lenders Approving FHA Loans on 90 Day Flips

With HUD’s 90 day flip rule waived for one year starting February 1, 2010, FHA buyers are asking which lenders are approving loans on these previously forbidden homes. We are the largest mortgage brokerage in the county with over 100 lenders and so far have heard from 4 who said they will. Among them was Mountain West Financial who reversed their position today after their investors said they would not buy the loans. So now the list is down to 3 and hopefully more will follow:

1. Guild Mortgage

2. MetLife
3. NetMore America

If your lender is not on this list, find a mortgage broker who is doing business with one of these.