Austin is a hot market right now. We are seeing more investors flipping property. Here is a quick reminder of the CFPB's rules for flipping.
One of the primary benefits from CFPB is protecting consumers from paying too much for a property that was recently flipped within 90 days, or between 91 days and180 days, that has experienced an increase in value by certain percentage thresholds.
Rules for Recently Flipped Properties
I wanted you to be aware of some of the additional requirements because it may take longer to process the loans due to the possibility of a 2nd appraisal.
"The information provided has been based on rules and regulations issued by Federal Agencies and interpreted for you by MortgageCurrentcy.com. Interpretations are not guaranteed but we attempt to make them both easy to understand and help you sell more real estate. Check with your local and state authorities to ensure that you meet all requirements and disclosures."
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