Have you heard? FHA is changing it's rule about holding property for more than 90 days before a buyer can use FHA financing. According to the HUD website it is a temporary situation and will have strict guidelines. The new rules will be effective February 1, 2010 and will sunset in one year unless extended. It will apply to bank owned properties, and HUD owned properties as well as privately owned properties. Additional details are available to read on the HUD website.
This should be helpful to get more homes in need of TLC, fixed up, on the market and sold to new homeowners.
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