In 2010 the FHA waived the regulation prohibiting insuring a mortgage
on a home owned by the seller for less than 90 days.
For the second year in a row,
the Federal Housing Administration is extending a temporary waiver of it's
Therefore, home buyers who are pre-approved with FHA finaincing, WILL be able to buy a home that has
changed hands in the last 90 days under the following conditions:
- The transaction must be ARMS-LENGTH (no interest between buyer and seller OR any other parties involved in the real estate transaction).
- Cases in which the sales price of the property is 20 Percent or more above the seller's acquisition will have to meet lender specific conditions.
- The waiver does not apply to HECM (Home Equity Conversion Mortgages)
This will allow investors to acquire, rehab, and sell properties with no time frame constraint.
Since FHA loans are popular with 1st time homebuyers and buyers who lack the larger conventional loan downpayment, this waiver may stimulate the housing market in 2012.
The inventory of foreclosed and abandoned properties may be bought by investors who will be able to fix, (flip) and sell them to FHA approved buyers regardless of the (previously imposed) time frame.
If you are looking for Investment Property in Northwest Indiana and want to take advantage of this
FHA Anti-Flipping Rule Waiver extension through 2012 -> Talk To Tucker!
Thanks for stopping by and reading our Blog about Life in NW Indiana, The Housing Market, Communities, Local Sports, Events, attractions & more.
Sincerely,
Jeff & Grace Safrin, Broker / Owners
F.C.Tucker 1st Team Real Estate
13 Lincolnway Suite # 203
Valparaiso, IN 46383
Office # 219-309-9930
serving Lake, Porter, La Porte, Jasper, Newton & Starke Counties in NW Indiana
Independently Owned & Operated
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