Boy was I blindsided...FHA

[Michael Hicks]

I purchased this last flip on March 15th 2015, 3 week turn around, listed and a full price offer on April 15th 2015 with a closing date of May 15th 2015. I was under the impression everything was going fine and then I received a call from my closing attorney today (2 days before closing) telling me that the home had to have a cool down period of 90 days and that FHA would not lend until the 91st day from my purchase date. They will also require 2 appraisals. I have not sold anything FHA in a long time and was not aware of this policy. 2 realtors and neither one of them thought anything about it. Luckily, the buyer is still committed and we will just move the closing date out another month. Hopefully this post will make others aware of this policy. I hope I'm not the only one who didn't know this.