One of the crazy things I have seen lately is the number of different answers I get from different lenders about whether or not they can loan money to someone using an FHA loan if the property the person is buying has been bought by the previous owner recently.

And here in Arizona, this is somewhat of a hot topic as investors buy a home, possibly (but not always) fix the home up and then flip it for a profit.

And here is the crazy part: supposedly FHA gave their opinion on this topic and there are still three possibilities that you might hear from lenders as to whether or not they will loan you money on an FHA loan:

#1: Some lenders will not lend money on an FHA loan if the house has been bought by the current owner within the last 90 days.

#2: Some lenders will lend money on an FHA loan if the house has been bought by the current owner within the last 90 days as long as the new sales price is less than 120% of what the current owner bought it for.

#3: Some lenders will lend money on an FHA loan if the house has been bought by the current owner within the last 90 days regardless of what the new sales price is.

Obviously, the scramble is to find a lender who will do #3 — and look no further than Academy Mortgage.

And as a bonus, you can get your loan closed in 10 days if needed – which helps if you have run into this problem and another lender has told you either #1 or #2 and you have a tight deadline.