Monday, January 18, 2010

Flipping Rule is Waived!

HUD announced that beginning February 1, 2010, they are waiving the 3 month flipping rule.

As of this writing, it will stay in effect for one year.

Below are the details of the lift on the FHA rule.

This waiver is limited to those sales meeting the following general conditions:

1. All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.

2. In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.

3. The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Details can be found at:

Monday, January 11, 2010

How can the Making Home Affordable Refinance Program help me refinance my conventional loan?

The Making Home Affordable Program can help you refinance into a more affordable mortgage if you’re paying your mortgage on time but you’re unable to refinance to a lower rate because you owe more on your mortgage than your home is currently worth.

Early in 2009, program guidance was issued for loans owned or securitized by Fannie Mae or Freddie Mac.

To find out if your loan is owned or securitized by Fannie Mae or Freddie Mac, go to and

Beware of any organization that attempts to charge a fee for housing counseling or assisting you in finding a lender that will provide a refinance under the Making Home Affordable Plan, especially if they ask for money in advance.
Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house.
Never submit your mortgage payments to anyone other than your mortgage company without their approval.