HUD just announced that effective Feb. 1, 2010, they are suspending the 90 day Anti-Flipping Rule.
With certain exceptions, such as HUD-owned and bank-owned properties, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. However, beginning Feb. 1st buyers may use FHA-insured financing to purchase properties resold through private developers and investors, providing access to a broader array of recently foreclosed properties.
Under the temporary waiver, all transactions must be arm's length. In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.
For more information email us, and we can send you a LONG email explaining in detail.
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