In order for a buyer to obtain financing Fha currently has a 90 wait period to purchase a home from a new seller, so this would apply mostly in cases when buying a home from an investor looking to flip a property. A buyer would have to wait 90 days after the home was purchased.
Hud has temporarily lifted this rule to help stabilize the market and help FHA borrowers from being shut out on homes being flipped.
The waiver will take effect on February 1, 2010 and will be effective for one year
To read more about the new waiver go here
So what are your thoughts? Do you think the new lift will help homes sell quicker in heavily flooded foreclosure areas?
{ 5 comments… read them below or add one }
It’s funny how sometimes the rules that are put in place have unintended consequences. At least the FHA has identified an error in their ways and at least temporarily correcting them, although I hope this is not just temporary.
At least the FHA has identified an error in their ways and at least temporarily correcting them, although I hope this is not just temporary.
i agree it.
Say or day?
I always get people interested in properties in Florida, but they usually express their fear to hurricans. What do you say to them when you get this comments? Thanks.
I think this move was a good one for all parties-the sellers, the buyers, and the housing market. This temporary law will give people a chance to move on either from their purchase or into a new home. The housing market really needed this to happen to get the market back. Actually, I can see more things like this happening over the next few years to get things really moving again.