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cvotruba · Joined: 08 Dec 2010 Posts: 1 1.35 Dollars($)

I am an Illinois Attorney.
After 30 days of waiting for loan approval,
Chase Home Mortgage has denied my Client an
FHA mortgage loan
on the SOLE REASON that the Seller is Prudential Relocation and because there will be 2 deeds from Seller to Prudential and Prudential to my Client, the anti-flipping rule applies.
Note that although we believe there is an FHA flipping rule exemption for Relocation Sellers,
Chase is applying an additional internal rule and not allowing/recognizing the exemption here.
Question:
Does this mean that ALL FHA LOANS WILL BE DENIED BY CHASE WHEN THE SELLER IS A RELOCATION COMPANY?
Any help/advice here?

jveenstra · Posted: Wed Dec 08, 2010 4:05 pm Post subject: Relocation Sale

That's crazy.
Can not speak for Chase as to future loans under same scenario.

Flipping is selling a recently acquired property for a considerable profit with artificially inflated prices. I think relo companies usually buy from relocating person and sell for same, hopefully, maybe ends up less. I guess they are allowed to buy from relocating and sell for more?? That could involve some flipping analysis.

Maybe Chase is declining under FHA guideline--no resale permitted in less than 90 days change of title. That does not even have to do with flipping.

However, 24CFR203.37a revised April 1, 2008 and FHA guidline HUD 4155.2.4.7.h specifically allow for exception:
Sale of properties purchased by an employer or a relocation agency in connection with the relocation of an employee.

Only Chase or a CVHase employee can really answer your question as to future scenarios.

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