Financing for someone who " Flips " houses

[Michael Dunn]

Hi BP community. This past week I talked to a few local Lenders, and am now in the process of getting my Approval Letter, via the amount of Financing that I qualify for. What initially started out, was that I would buy an REO, do the rehab work to it, live in it for a year as an O.O. and then Rent it for Cash Flow. Well, now I'm leaning towards buying my First Property as an Investor and then Flipping it in a 3-4 month timeframed window. My question comes down to, what, if any of my Fianancing options ( Conv. , HML, FannieMae, FHA 203K ), would allow me to purchase a property and then turn around and sell " Flip " it , in such a short amount of time. I have read of the FHA 90-day Anti-Flip rule being waived till Dec. 31 of 2014, but thats for buyers who wish to use that type of financing to purchase a home. I'm trying to figure out what the new Rules are, on the side of Buyers ( such as myself ), who want to purchase ( plus add most , if not all of the Reab costs ) into that same loan, and then have no restrictions , as to how long you have to hold on to a property, before I could sell it for a profit. I have looked at FannieMae's First Look period of 15 days for O.O. and then, they offer Investors to come in a bid. As well as HUDs first 30 day on Insured properties for O.O. and first 5 days on Uninsured for O.O. , before Investors bids can be accepted. I have about $8,000 in cash, and should be approved for a low to mid $200,000 price range loan, even though I'm not going to purchase one cose to that range, as this will be my first " Flip ". Thanks everyone in the B.P. community, really appreciate it - Michael