Friday, January 21, 2011

FHA suspends anti-flipping rule for another year

This only good for buyers that want to sell after they have purchase.  Really it's flippers pretending to be buyers.
In 2003, the Department of Housing and Urban Development issued a rule that prohibits the FHA from insuring a mortgage on home that was owned by the seller for less than 90 days. But in February, HUD lifted this ban for one year to accelerate the sale of previously foreclosed homes to investors.
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