Flip Rules for Conventional Loans - We only require that the seller own the home for 1 day prior to resale.
The Owner seasoning requirement on our Conventional Loans is one day. That is right, one day. Why is this important you ask? Well, many lenders have begun to require that sellers own a home for 90-180 days before it is eligible for their Conventional Financing. Fannie Mae and Freddie Mac are both examples of Conventional Financing. We do not require these waiting periods.
Owner Seasoning simply means how long the current owner has owned the property.
VanDyk only 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 - 120 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.
VA Condo's also qualify under our VA Flip Rules.
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