FHA WAIVES 90-DAY WAITING PERIOD FOR RESALES

By
Mortgage and Lending with Extreme Discount Card Inc.


Inman News (06/13/08); Carter, Matt:


The Federal Housing Administration plans to lift a 90-day waiting period on resales of homes financed by FHA-guaranteed loans for one year in an attempt to prevent communities from being saddled with foreclosed and abandoned properties. "The action we take today will allow home buyers to purchase these homes in much greater numbers and ease the excess supply of unsold homes in neighborhoods across the country," according to FHA Commissioner Brian Montgomery. The move also helps lenders get the properties of their books quickly--although they will have to repair any distressed homes and bring them up to FHA standards before doing so. The FHA implemented the waiting period in 2003 in an effort to crack down on predatory lending and house flipping.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,258,302
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

More good news...it seems I have been reading more and more of that lately. Has the corner been turned?

Jun 16, 2008 07:47 AM #1
Rainer
3,416
Mark Lawrence
Extreme Discount Card Inc. - Owings Mills, MD

While consumers are feeling the pressure at the pumps and grocery stores, Homeowners and Buyers that are informed and/or have informed Realtors around, are having the best years of their lives. Rates are still very low, the government have bailed out a lot of homeowners that were in trouble, and new buyers are buying homes at all time low prices.

My State ran programs are still allowing 100% financing, where Fannie mae is only offering 95%...what more can I ask for.

we have an office near you also...check us out at: www.1stpref.com

 

Jun 16, 2008 08:09 AM #2
Ambassador
1,886,030
Fred Griffin
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Hi, Mark

        If you are still in the real estate business, we invite you back to ActiveRain!

Jul 17, 2017 06:58 PM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
3,416

Mark Lawrence

Ask me a question
*
*
*
*
Spam prevention