Effective immediately, you no longer have to wait 90 days to write an FHA loan on a foreclosed property. The waiting period is normally indented to prevent abusive flipping, however in today's market the rule was forcing many lenders to hold properties for the full 90-day period before processing could begin on any purchaser's FHA loan. The Waiver will apply for one year and includes any foreclosed property being sold by the lender or their appointed REO management company. FHA rules still prohibit unwarranted gain on sale for properties re-sold within one year so you should expect to provide full documentation of the chain of title and history of all loan balances prior to foreclosure and transfer prices since foreclosure.
see the rule for the waiver of the FHA loans 90 day waiting period
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