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Flipper rule

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davem280 Joined: 23 Apr 2010 Posts: 1 1.25 Dollars($)	Posted: Fri Apr 23, 2010 11:47 am    Post subject: Flipper rule Like 0 Dislike 0 It there a Florida banking regulation that prohibits banks from offering mortgages for properties that have been owned by the seller for leass than 6 months.
JKennedySLG Community Expert Joined: 01 Apr 2009 Posts: 408 Location: New Jersey/New York 20.05 Dollars($)	Posted: Fri Apr 23, 2010 3:21 pm    Post subject: Like 0 Dislike 0 FHA lifted the 12 month chain of Title requirement in February 2010, but most lenders will still require the 12 month Chain of Title. If the bank does consider financing the buyer, they will require a 2nd Appraisal which the buyer may not be charged for. The 2nd appraisal must be within 5% of the 1st Appraisal. I hope this helps... _________________ James Kennedy New York/New Jersey (732)979-7409 Hard Money & Stated Income Loans First Time Home Buyers (540+ Credit)

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