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FHA Flips OK Through End 2012


Acting FHA Commissioner Carol Galante has announced another extension of the FHA temporary anti-flip waiver.
FHA regulations prohibit insuring a mortgage on a home owned by the seller for less than 90 days (except under specific circumstances), but the rule is (again) waived through December 31, 2012, unless otherwise extended or withdrawn by FHA.
The regulation was waived in 2010 through Jan. 31, 2011, then extended again through the end of 2011.
The December 2011 extension will allow buyers to continue to utilize FHA-insured financing for HUD-owned and REO properties, in addition to resale properties. Experts say this allows homes to resell more quickly and helps to stabilize real estate prices and revitalize neighborhoods and communities.
The extension is effective through Dec. 31, unless extended or withdrawn by the FHA. All other terms of the existing Waiver remain the same. The Waiver includes safeguards to prevent predatory property flipping (reselling properties immediately after purchase at inflated prices). Sales must meet the following criteria:
  1.  All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
 2.  In cases in which the sales price of the ... more

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