FHA Less Than 90 Day Financing Still Available in Arizona

FHA has officially extended stay on the Less than 90 Day Flipping Rule.

After careful research, FHA understands that they play an important role in the real estate communities recovery.  That is why they have extended their moratorium on their previous Less Than 90 Day Flipping guideline that prohibited a property to be financed with an FHA loan under 90 days of when it was purchased by an investor.

As Arizona’s inventory of homes increase, this comes as great news as many of them are need of repair.  Investors often will purchase the properties from auction and then renovate them, often spending thousands of dollars and time to get them to comply with FHA‘s strict guidelines.

The Benefit to the Buyer

• The benefit to you, the home buyer, is that you can find a home that was recently purchased by an investor that has been upgraded and has the necessary repairs on a home required by FHA.  These requirements ensure that you are buying a home that is livable and safe.
• You also can get a great price on it since the investor is looking to buy and sell as fast as he can.  Often times, they will also provide incentives that are hard to come by.  Besides they know they have to compete with bank owned properties therefore willing to sell it low and fast.
• You can obtain FHA financing with an FHA Approved Lender.  This means you can purchase the home with a low down payment of 3.50% and have peace of mind that you are buying the home with FHA’s consumer focus on your side.

The Benefit to the Investor/ Seller

• The seller gets to purchase a property off the auction for a low enough price
• The seller gets to immediately sell the property (as long as it complies to FHA’s standards) without having to wait for 90 days to go by and move onto the next project and investment.

If you found this to be an informative article, please leave a comment.  We’d love to hear from you or call us today.

For any of your financing questions and needs, please call Ted Canto at 480.650.8602 or email: [email protected]

And don’t forget, we have down payment assistance answers for your questions!

Any company can put together a profitable strategy to pad their pockets but it’s rare to find a business that thinks outside of themselves. For the sake of income, many corporations ignore their community and do whatever it takes to work in the black – but not every company. Below is a list of the most giving companies in Arizona that are all-stars in both business and their communities.

1. JP Morgan Chase – While most credit and banking institutions are not getting the best rap as of late, JP Morgan Chase remains one of Arizona’s most generous companies. In fact, JP Morgan Chase donated over $1 million in 2010 to help two Phoenix communities struggling with unemployment, poverty and low graduation rates. This was just one of their many charitable donations in 2010.
2. Jawa is a Scottsdale based software company that has launched an impressive philanthropic feat: each month, one employee’s charity of choice receives a monetary donation on behalf of Jawa. It’s a program called “Jawa Gives” and it has helped many Arizona communities, organizations and citizens in need.
3. Go Daddy – Known as the world’s largest Web host provider and number one domain name registrar, Go Daddy is headquartered in Scottsdale and widely revered as a philanthropic giant. How much exactly? Well, they donated $2.5 million to charitable causes in 2009 (including a $100K donation to the Arizona Humane Society) and have largely exceeded that amount in 2010.
4. Salt River Solar & Wind – Not every company can afford to donate millions per year but charity is relative. That said, a local Arizona company, Salt River Solar & Wind, has been known to dig deep into their pockets to better their community. Recently, they donated an $11,000 solar array to another local business, Peoria Theater, and will ultimately save that theater $5,000 per month in energy costs. The Peoria Theater is just one of many organizations that Salt River Solar & Wind has donated to in the last year and a half.
5. Harrah’s Ak Chin Casino Resort – Owned by the Ak-Chin Indian community and managed by Harrah’s Entertainment, the Ak-Chin Casino and Resort has earned all kinds of recognition for their philanthropic ventures including being ranked number one on Business Week’s list of “Most Generous Cash Givers as a Percentage of Pre-Tax Profit” and number 14 on the list of “Largest Cash Givers.”
6. Bashas’ SuperMarkets – Bashas’ is an Arizona-based chain of SuperMarkets that proudly supports various charities throughout the year through its extraordinary Charity of the Month program – similar to Jawa’s program above. As suggested, selected charities are featured in their stores each month and have highlighted their support in causes such as the Juvenile Diabetes Research Foundation, City of Hope and various holiday oriented drives.
7. Avnet Inc – Based in Phoenix, Avnet Inc. is an electronics parts distributor that is ranked amongst the most elite businesses in Arizona in both revenues and their charitable donations. Though their numbers can’t compete with that of JP Morgan Chase and Go Daddy, they have recently donated $4,000 to Maggie’s Place, a support group for expecting mothers, and a $10,000 grant to Ecademie High School.
8. US Airways – Based in Tempe, AZ but servicing the entire nation, US Airways rounds out our list as a noble company in a not-so-popular industry. In fact, their company functions around the belief that good corporate citizenship is in the best interest of their business to ensure the airline’s long-term viability. Because of this belief, they have an educational foundation that provides scholarships to the less fortunate and a corporate giving program that invests in nonprofit arts and culture, health, human services, education, environment and civic organizations to enhance the quality of life in their hub, Phoenix.