FHA Ok’s FLIPPING? Why Do We Care?

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FHA Ok’s FLIPPING? Why Do We Care?

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 …

3 Comments

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