Karen Church, your "Go To Gal" with Re/max Integrity at www.eugenehomesgal.com announces an IMPORTANT Real Estate Update:
Good Afternoon,
HUD just announced that, effective February 1, 2010, they are suspending the FHA 90 Day Anti-Flipping Rule. With certain exceptions, such as HUD-owned and bank-owned properties, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. However, beginning Feb. 1, buyers may use FHA-insured financing to purchase properties resold through private developers and investors, providing access to a broader array of recently foreclosed properties. Under the temporary waiver, all transactions must be arm's-length. In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions. For more information about these changes please visit the HUD website.
As always, I am committed to your success and I look forward to keeping you abreast of any important changes that affect you and your ability to buy or sell in our current market.
Call me if you have any questions.
Warm regards,
Karen
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