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HUD SUSPENDS HOME FLIPPING RULE

By Mark L. Ostrovsky

Real Estate Agent with Howard Hanna Real Estate Services

January 15, 2010 02:50 PM

HUD today announced a "temporary" one-year measure which overturns its previous prohibition of allowing buyers who receive an FHA loan from selling or "flipping" the purchased property for 90 days or more.

HUD says its motivation for the temporary policy reversal is to "give FHA borrowers access to a broader array of recently foreclosed properties." In short HUD is hopeful that this will speed-up resales of foreclosed properties.

For more on this breaking news you can check-out the press release on HUD's website:

http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-011

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William "Bill" and Karen Farragher

EXIT Blue Water Realty, Matawan, NJ 07747 - Matawan, NJ

SFR

Hi Mark and Elly,

This is great news and should help move some inventory. Of course there are certain restrictions but it should help most people.

Thanks for the post

Jan 15, 2010 02:59 PM

C. Lloyd McKenzie

Living Albuquerque - Albuquerque, NM

Living Albuquerque

Thanks for sharing this article. This is a great move. Let's see if it has the intended effect

Jan 15, 2010 03:11 PM

Christine Donovan

Donovan Blatt Realty - Costa Mesa, CA

Broker/Attorney 714-319-9751 DRE01267479 - Costa M

This may be very helpful for FHA buyers who keep trying to buy only to find they can't because of this rule.

Jan 15, 2010 03:13 PM

Barb Szabo, CRS

RE/MAX Above & Beyond - Cleveland, OH

E-pro Realtor, Cleveland Ohio Homes

I had not heard this Mark...thanks for posting it.

Jan 15, 2010 11:36 PM

HUD SUSPENDS HOME FLIPPING RULE

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