The Dept. of Housing and Urban Development (HUD) announced Friday it will eliminate for one year the Federal Housing Administration (FHA) 90-day anti-flipping rule.  FHA’s anti-flipping rule generally prohibits insuring a mortgage on a home owned by the seller for less than 90 days.  That rule already has been waived for certain transactions, including REOs.  Beginning Feb. 1, buyers may use FHA-insured financing to purchase properties resold through private developers and investors.  This one-year waiver will give FHA buyers access to a broader array of recently foreclosed properties. 

Under the temporary waiver, all transactions must be made at arm’s-length and may require additional documentation of improvements and justification of certain price increases.  Additional documentation may include a second appraisal and a property inspection ordered by the lender.


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