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?