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SHORT TERM INVESTMENT OPPORTUNITY IN FORECLOSURES
HUD 's new temporary policy will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties.  With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties"
The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.
Now may be an excellent time to purchase a foreclosure as a short term investment.
The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn.  This waiver is limited to those sales meeting the following general conditions:
All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction. 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. ... more

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