A few managed to sell at the height of the bubble and pocketed big bucks.

But that is not even always true; consider a 3 unit where the lower level is a commercial storefront and the two upper levels each serve as housing - this will require commercial type of financing.Putting the word "family" in there does restrict it to residential only (and the storefront types have to then be excluded).

Also pretty cool that it was started in the height of the credit crisis & people on BP were still working together & helping each other figure out ways to get credit - very cool & yet another sign of how helpful the BP community is!

What they are doing is placing deed restrictions stating you can not transfer the title inside of 30 days.

And although no 90 day rule exists for conventional loans, most, if not all lenders will have restrictions on properties that have been bought and sold within 90 days.

This was earlier in the year prior to BoA employing the 30-day restriction.

Also, HELOC have restrictions with regard to refinancing from the last time you drew money from the account.

Thanks Jon,Sorry for the slow reply.The housing depelopment is deed restricted and the buyers must make 70% of their income from Monroe county.

HUD allows a lease option with Sec. 8 tenants under certain restrictions, that's what I was referring to.

Each country has its own set of weird rules that restrict the remittance of foreign currency by its citizens.