Looks like investors are in for a treat as of February 1, 2010. The "90 Day No Flip" Rule will be lifted for 1 year. This means the Federal Housing Administration will put in place a one-year moratorium on its "anti-flipping rule", which will allow buyers with FHA-backed loans to purchase homes that have been held for less than 90 days.
This should inspire investors to purchase more homes and flip them since they now have a larger pool of potential buyers that can purchase their homes. This should also benifit all of those FHA buyers out there that could not offer on these properties or have to wait until the 90 days were up.
First time buyers may have just gotten some more options. Of course, there are some caveats - read all about it in this PDF from Hud.
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About the Author: Moises Pagan is a California Real Estate Consultant (Realtor®) in the Walnut Creek, Contra Costa County area. Our office, Stokley Properties, is a Residential Property Management and Real Estate company working with Buyers, Sellers, Investors, and Property Management in residential real estate.
If you are buying or selling a residential property and would like more information on how I can get you the best deal or best price please call me at (925) 285 9290, or email me at moe@contracosta-realestate.com
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