Denver fix and flips

Washingtonparkcondos_058_2 The U.S. Department of Housing and Urban Development has tightened regulations that will effect Denver fix n flippers and actually investors who practice "flipping" in any area.

New rules require the owner must own the property at least 90 days prior to being able to resell it with an FHA loan.

The rule goes into effect July 9, 2006.

As always there are a few exceptions: HUD itself, Fannie Mae, Freddie Mac, lenders selling real estate owned properties (REOs), local or state housing agencies, nonprofits with HUD permission to purchase discounted real estate-owned properties, inherited properties and dwelling located in presidentially declared disaster areas.