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FHA just "unseasoned" foreclosed home sales
New Stimulus Takes Affect February 1 to Permit FHA Financing on Eligible Home Sales
HUD Secretary Donovan announced last week that commencing on February 1, 2010, a waiver of existing lending guidelines will be put in place to permit FHA financing to be utilized on homes owned by sellers for less than 90 days "in an attempt to stabilize home prices and accelerate the sale of vacant properties."
Currently, FHA lending guidelines prohibit the issuance of mortgage insurance (and therefore the granting of an FHA loans) on a home owned by the seller for less than 90 days, which has made it extremely difficult for  banks who acquire foreclosed properties to resell them. (Note: as explained below, the waiver does not change the HUD restriction on the use of FHA loan products to finance "unseasoned" properties acquired and re-sold by investors in an effort to profit from "flipping" them with or without fixing them up first. 
Since FHA loans are the most widely utilized product to finance these properties, this temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties. As stated by Donovan in the release, "As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available ... more

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