FHA Revises ‘Anti-Flipping’ Rule | Valerie Fitzgerald | Beverly Hills & West L.A. Real Estate
February 5th, 2010 Categories: Real Estate News
Reporting from Washington — Call it three birds with one stone: The federal government hopes simultaneously to help low-down-payment home buyers, investors who fix up foreclosures, and local communities burdened with too many bank-owned and foreclosed homes — all with one potentially far-reaching policy change.
The Federal Housing Administration is revising its long-standing “anti-flipping” rule starting Monday and just might score a hit with all three target groups.
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There are some caveats to this for investors, not the least of which is the “20% rule”.
Also, folks should realize this isn’t a revision. It’s a 1 year waiver of the 90 day no-flip rule. On Feb 2, 2011 it’ll all go back to the way it was…in spite of the fact that the FHA ITSELF acknowledges the seasoning rule is a hamper to healthy community redevelopment.
I put together a concise executive summary of the FHA waiver on my blog if you’re interested.
…jp
Comment by jp moses — February 5, 2010 #