FHA 90-day anti-flipping rule waived…

The Dept. of Housing and Urban Development (HUD) announced Friday it will eliminate for one year the Federal Housing Administration (FHA) 90-day anti-flipping rule.

FHA’s anti-flipping rule generally prohibits insuring a mortgage on a home owned by the seller for less than 90 days.  That rule already has been waived for certain transactions, including REOs.  Beginning Feb. 1, buyers may use FHA-insured financing to purchase properties resold through private developers and investors.  This one-year waiver will give FHA buyers access to a broader array of recently foreclosed properties.

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