Sunday, August 8, 2010

We'll do Flips for you! part 2: conventional Flips.

We'll do Flips for you! part 2: conventional flips. Our Flip Rules for Conventional Loans - We only require that the seller own the home for 1 day prior to resale.

Our Seller seasoning requirement on our Conventional Loans is one day. One Day. Many lenders 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. VanDyk Mortgage does not require a waiting period.

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 to apply online, or call 760-752-4480 and ask for Brian Skaar.

Ask about our FHA Flip program and VA Flip Program as well!

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