New HUD Rules for foreslosures

Real Estate Agent with & 9023635

It seems that the HUD Secretary has tried to make it easier to buy a foreclosure. Shaun Donovan has initiated a policy that will last 1 year (from Feb 1). It will allows buyers to use FHA financing to buy HUD owned property, foreclosures, or private resales.

There are some conditions that have to be met, like it has to be an "arms length" transaction. Another is that if the sale price of a property is 20% or more above the seller's acquisition costs, the lender has to meet some specific conditions. And one more is that reverse mortgages are excluded.

Of course when the Fed stops buying FHA loans in March (as some are saying now), Interest rates will still rise making it harder for some to buy, and decreasing the size of a house that others can afford. So, buy now and avoid the rush.


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