There's good news for home buyers and real estate investors. The troublesome HUD rule banning investors from selling a property within 90 days of their purchase to an FHA buyer has been lifted for one year starting on February 1, 2010.
It's now one year later, and FHA has decided to extend the "anti flipping rule" for an additional year.
"Reporting from Washington — One side effect of that policy had been to stifle purchase-and-renovate projects by legitimate, small-scale investors who buy houses after foreclosure or loan defaults and then resell them in substantially improved condition. In many parts of the country, first-time and moderate-income buyers often sought to buy these fixed-up houses using FHA-insured mortgages with 3.5% down payments, but were prevented from doing so by the "anti-flipping" rule."
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www.realestateforeclosuresinvesting.com.
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1 comment:
Great to know this. Thanks for the post.
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