Beginning Feb. 1, the Federal Housing Administration will provide mortgage insurance for some purchases in which the seller bought the property and held it for fewer than 90 days.
The agency is changing what is known as the “anti-flipping rule” to speed up sales of renovated homes in communities with too many bank-owned and foreclosed homes, says FHA Commissioner David H. Stevens.
Waiving the 90-day rule will encourage private investors to buy vacant properties, fix them up, and quickly sell them to buyers who will be eligible to buy them using FHA financing.
FHA's change will be a great stimulus for First-time Home Huyers or Repeat Buyers hoping to take advantage of the tax credit, especially in our part of the country with the short sales and foreclosure inventory we have in central Florida.
Learn more about Bank-owned Homes on my web site, and contact me for bargains and to find out how you can use this new policy to your advantage in building a real estate portfolio.
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
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