FHA Changes Anti-Flipping Rule

Effective February 1, the Federal Housing Administration will offer mortgage insurance for certain purchases in the case of where the seller bought the property and held it for less than 90 days.

This is known as the “anti-flipping rule” that could speed up sales of renovated homes in communities with an excessive amount of bank-owned and foreclosed homes.

By waiving the 90-day rule may encourage private investors to purchase vacant properties, repair them, and sell them to buyers who will be eligible to buy them with FHA financing.

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Currently, there are many great opportunities to purchase a home in Hoboken for investors or for those in search of a place to raise your family who can apply the home buyer’s tax credit to their purchase. Please click on tax credit information for more details. Perhaps you are considering buying your very first home, or you may be at the point in your life that you are searching for your ultimate dream home. If either may be the case or if it is something in between, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.