The Federal Housing Administration (FHA) will suspend its anti-flip rule for another year in order to boost the sale of foreclosed homes. In 2003 HUD issued a rule that prohibited FHA from insuring mortgages on homes that were owned by the seller for less than 90 days. In February 2010 HUD lifted the ban for one year, they just extended the wavier until January 2012.
This rule was designed to avoid flipping properties-buying and quickly re-selling the property to borrowers at an inflated price. Hopefully this extended wavier will help to sell the huge amount of foreclosed homes on the market.
Lisa Scanlon, CSA
942-447-7130
www.ScanlonSigningServices.com
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