I just got done reading a post about HUD regs regarding "flipping" and I couldn't help thinking about how this is hurting first time homebuyers in Southwest Florida.

The general purpose of this reg is to prevent unscrupulous investors from buying a property today and selling it for a substantial profit this afternoon, tomorrow, or next week without any improvements on the property being done. I thought that was capitalism, which is not in vogue right now, but we'll save that rant for another time. Before someone else brings it up I do realize that there was a fair amount of abuse here, but I would like to point out no one else followed FHA with this regulation including two other well know governmental agencies known as the VA and USDA/RD.

I wonder why not?

In Southwest Florida we are finding investors and investment companies that are purchasing foreclosed properties and doing partial or total renovations. In many/most cases the properties are fairly priced and agressively marketed.

The HUD reg locks out the first time homebuyer attempting to aquire FHA financing as the properties don't stay on the market for 90 days!

They appraise okay, and they can acquire conventional, VA, and RD financing (where available).

BUT, NO FHA!!!

How about cuttin us some slack here.

I suggest putting the flipping reg into the hands of the regional FHA offices for evaluation.

There's got to be a better way!

How about if our local politicians get off of their duffs and earn their money for a change. Get to work on this.

All I can say is;

Hey (HUD) help us out here!

Will Ya?

PLEASE!