FHA waives 90-day waiting period for resales

206873 Resource 199230 199384 199384 1213645878067 1213733248375 Controlled FHA waives 90-day waiting period for resales

Help Lenders Get REO's Off Books

A one-year waiver of HUD's anti-flipping rule as applied to properties by a mortgagee was signed on <date year="2008" day="9" month="6" />June 9, 2008</date />.Under the anti-flipping rule, a borrower may not purchase a property with an FHA insured loan if the property was acquired by the seller in the previous 90 days. This rule intended to prevent property flipping, but the rule also had been preventing certain mortgagees from promptly disposing of REO property to borrowers with FHA-insured mortgages.Under this waiver, FHA financing will be made available to borrowers who purchase properties that have been owned for fewer than 90 days, if the properties were acquired through foreclosure by mortgages that are not state or federally chartered financial institutions.To view the official signed document <a title="Property Flipping Waiver" href="http://portal.hud.gov/pls/portal/docs/PAGE/FHA_HOME/PRESS/PROPERTY_FLIPPING_WAIVER/PROPERTY%20FLIPPING%20WAIVER%20REQUEST.PDF" target="_blank">Click Here</a>See below for a link to the news releaseDon't Miss the Bus! TM© RepoHomeTourChicago.com - All Rights ReservedTrademark & Patent Pending 9 application/xml false fha fha waives 90 day period property flipping waiver FHA waives 90-day waiting period for resales Change intended to help lenders get REOs off the books http://www.inman.com/news/2008/06/13/fha-waives-90-day-waiting-period-resales Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; .NET CLR 1.1.4322) 127.0.0.1 127.0.0.1 wdiehl 66.89.20.46 false true false false true 199303 false false true false false false true 199230 blog blogsite/RepoHomeTourChicago/web