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FHA Waives 90 day Flipping Rule
Great News!
 
FHA Has Waived their 90 Day Flipping Rule!
 
HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS Measure to help bring stability to home values and accelerate sale of vacant properties
WASHINGTON - In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties.
 Some notable point: The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.
Click the link below to access the announcement from the FHA web site: FHA 90 Day Flipping Waiver

Comments

Northern Virginia Residential Blog-Samson Properties said:

Its just been the 1st month of the year we already have heard a load of changes coming along on FHA home

# January 21, 2010 1:54 PM
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