I found some incredible news for investors as well as buyers…
Friday, the FHA has suspended the 90-day anti-flipping rule for 1 year, effective February 1, 2010. So for at least the next 12 months, FHA buyers can obtain loans on properties that have been recently purchased by investors.
With certain exceptions, FHA currently prohibited insuring a ... [Read More]
I found some incredible news for investors as well as buyers…
Friday, the FHA has suspended the 90-day anti-flipping rule for 1 year, effective February 1, 2010. So for at least the next 12 months, FHA buyers can obtain loans on properties that have been recently purchased by investors.
With certain exceptions, FHA currently prohibited insuring a mortgage on a home owned by the seller for less than 90 days.
The policy change will permit buyers to use FHA 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.
This is great news for investors trying to flip properties to FHA Buyers! For the next year at least, you wont’ have to sit back waiting for 90 days on title before you can even GO TO CONTRACT with a buyer.
Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD’s website.
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