FHA Anti-Flipping Rule Suspended
Posted by Michael Bang on Wednesday, February 10th, 2010 at 9:52am.Effective Feb. 1, the federal government will waive for one year an FHA anti-flipping rule that prohibits insuring a mortgage on a home owned by the seller for less than 90 days. The new rule lets investors buy today and re-sell as quickly as possible. The move is to allow REO homes purchased by investors to resell as quickly as possible, helping stabilize real estate prices and revitalize neighborhoods after the U.S. housing market collapse. This new rule will open up a new pool of homes to buyers. Waiving the 90-day flip rule is being heralded by many real estate investors as a boon to their ability to buy, rehab and resell foreclosed homes on a more efficient time line. Investors go to www.gaforeclosure.com where all properties are bank owned and for sale. An new FHA rule change could help foreclosure-plagued markets like Las Vegas, Phoenix, Miami, Detroit and Los Angeles, making it easier for investors to “flip” houses to buyers who use FHA-insured loans.
Michael R. Bang - Consumer Advocate & Foreclosure Specialist
CEO Georgia Forelosure, Inc.
404-545-7119 Voice
770-206-2233 Fax
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