FHA Ok’s FLIPPING? Why Do We Care?

June 19th, 2008 categories: Community Events

fhaIn order to help ease some of the foreclosure inventory, the Bush administration is temporarily suspending the 5 year rule making it more difficult to purchase and resell FHA foreclosures right away.

The Federal Housing Administration will no longer impose the 90 day waiting period before the foreclosed property can be sold and receive a government backed loan.

The “no flipping” rule was put in place in 2003 to stop “flipping” schemes where the second buyer is overcharged for the foreclosure but with all the vacant foreclosed properties, FHA Commissioner Brian Montgomery said that …

This entry was posted on Thursday, June 19th, 2008 at 8:42 pm and is filed under Community Events. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

  1. Victor said at June 6th, 2009 at 9:41 am

    As a foreclosure Newbie, I am always searching online for articles that can help me. Thank you

  2. YVONNE said at December 28th, 2009 at 3:34 pm

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  3. Reiki Attunements said at January 14th, 2010 at 6:14 pm

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