Flip Rule - Conventional or Conforming loans - 1 day

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Mortgage Banker with VanDyk Mortgage - VA, FHA, Conventional, VA Jumbo, Jumbo, Purchase Loans, & Refinance, Direct Lender NMLS 220268 / 3035

Flip Rules for Conventional Loans - We only require that the seller own the home for 1 day prior to resale. 

The Seller seasoning requirement on our Conventional Loans is one day.  Just one day.  Many lenders have begun to require that sellers own a home for 90-180 days before it is eligible for their Conventional Financing through Fannie Mae and Freddie Mac, both examples of Conventional Financing. 

We do not require these waiting periods.  Seller Seasoning simply means how long the current owner has owned the property (ie how long on Title).   VanDyk Mortgage requires that the seller is the owner of record on the day the contract is signed.   Many other lenders have added restrictions that reduce the eligibility for homes that were recently purchased and rehabbed to be sold again within 90 - 180 days.   Investors may have purchased the home at a foreclosure auction, or direct from a bank.   Many of these homes have been completely rehabilitated, making them a more desirable home to buy - They are Turn key homes.

Our Underwriting Rules can help you avoid the issue of seller seasoning, Flip Rules, and big bank rules that restrict access to quality Conventional Loans. Get started on your New Home loan with the Loan Pros at VanDyk. Visit us at http://www.vandykfunding.com/ to apply online, or call 760-752-4480 and ask for Brian Skaar. 

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Topic:
ActiveRain Community
Location:
Washington King County Seattle
Tags:
flip rule
conventional flip
conforming flip
direct lender
ca
wa
seattle
san diego
los angeles
san jose
san francisco

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Rainmaker
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Brian Skaar

VA, Jumbo, FHA & Conv Direct Lender (760) 752-4480
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Additional Information

The Government Loan Pro's Blog includes topics on Government backed Home Mortgage Loans and Lending, VA loans, VA Jumbo Loans, FHA Loans, USDA Loans, FHA Jumbo Loans, VA High Balance Loans, FHA 203Ks loans, Conventional Loans, Jumbo Loans, No monthly PMI Loans, Piggyback loans, 80/10/10 loans, Conforming High Balance Loans, how to use your VA Home Loan Benefit, San Diego, Los Angeles, SF Bay Area, Northern California and Southern California Home Loans, Seattle - Tacoma - Everett Area Home Loans, Virginia Loans, Wyoming Home Loans, Washington Loans, Georgia Home Loans, Massachusetts Home Loans, Wyoming Home Loans, and more. Visit us at vandykfunding.com for even more info or to get started. Or give us a call at 760-752-4480 direct. NMLS ID: 3035 - VanDyk Mortgage Corp NMLS ID 220268 Brian Skaar - Loan Originator http://www.nmlsconsumeraccess.org/

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