Flipping Foreclosures: FHA Extends 90-Day Waiver Thru 2012

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The Federal Housing Administration is extending for another year its temporary waiver of anti-flipping regulations, initially introduced in 2010 to facilitate the turnaround of foreclosed properties in hard hit communities. In most cases, FHA ordinarily prohibits insuring a mortgage on a home owned by the seller for less than 90 days. In 2010, FHA temporarily waived this regulation through January 31, 2011, and later extended that waiver through the remainder of 2011. “This extension is intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight,” said Acting FHA Commissioner Carol J. Galante.

To read the entire article, please visit:
http://ecreditdaily.com/2011/12/flipping-foreclosures-fha-extends-90day-...

SOURCE: Published by NAMP® Publishing Group, a division of the National Association of Mortgage Processors (NAMP) (http://www.mortgageprocessor.org)