FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days.
HUD Secretary Shaun Donovan announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure.
The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner, but there are some conditions, here are a few:
In Las Vegas this may open up some homes for buyers to put offers in on, but since our inventory is low right now, there will still be a lot of competion for these homes. Buyers still need to be prepared to put in their best offer on their first offer as they will still be competing with a lot of cash and conventional buyers.
Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD's website
Click below to read the News from HUD and see all the details.
FHA FLIP RULE WAIVED--HUD Waives the 90 day Flip Rule for 1 Year with Conditions
Buying or Sellin in Las Vegas, North Las Vegas,Centennial Hills, Alianta, Henderson, Green Valley
Give me a call Dawn Barrier (702) 812-4550
SHORT SALE Information for Sellers
Dawn Barrier
Century 21 Aadvantage Gold
2 offices to serve your needs - 1 in the Green Valley Area and 1 in the North
Las Vegas, Nv
(702) 812-4550
My Website
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