mortgage: FHA loans and Foreclosures
- 06/20/08 06:59 AM
FHA is oficially changing its position on "flipping". That means it will now be possible for you to purchase a foreclosure and get FHA financing. Prior to this change, it was impossible to get approved for an FHA loan if you were buying a home that had transferred ownership in the previous 90 days. Under the new waiver, homes that were foreclosed on and are being sold by the mortgage holder or on its behalf may be purchased by FHA borrowers without regard for the 90-day seasoning period. However, if you purchase one of these properties, you will be unable to sell it before (0 comments)