Here is some more good news from Washington this week.
The Federal Housing Administration (FHA) has temporarily suspended its anti-flipping rule for properties. For several years now, FHA mortgages were prohibited on properties where the current seller had owned the property for less than 90 days. This was done to try and reduce mortgage fraud and reduce foreclosures. I'm not sure if it worked or not, but it definitely has stifled a lot of legitimate transactions.
Effective now and for the next year, the FHA has temporarily lifted this ban in order to allow foreclosure properties to be sold at a faster pace. You can read FHA's press release on this subject at the HUD website.
It is too bad this is only a temporary ban. More regulation simply reduces consumer choices and thus slows the enconomy and drives up prices. At least we have a whole year's relief from this regulation.
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Rob Arnold, ABR, CPL, CRB, GRI, Managing real estate broker, Licensed mortgage broker, Notary Public
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