News for Prescott AZ - AmericanTowns.com

Monday, September 28, 2009

FHA WAIFVES "FLIPPING" RULE, 90 DAY WAITING PERIOD FOR FORECLOSED HOMES

FHA Property Flipping Rules
On June 9, 2008, FHA temporarily waived the property flipping rule 90-day
waiting period, for homes that were foreclosed on and being sold by lenders
or by property disposition firms on the behalf of lenders.  The temporary
property flipping waiver has been extended to include purchase contracts
executed on or before May 10, 2010. 
There are some exceptions (these are the only exceptions that exist
presently):
1. Seller is Employer or relocation agency on the sale of home to relocation
employee
2. HUD REO re-sales
3. Seller is United States Government agency using NSP program
4. HUD REO properties that were purchased by nonprofit Organizations
5. Property acquired by the seller through inheritance
6. Properties sold by state or federally-chartered financial institutions
(Bank Owned), FNMA, or FHLMC
7. Seller is local or state government agencies
8. Property located within Presidential Declared Disaster Areas

CNN MORTGAGE received clarification today from the FHA resource Center
because of the memo that was distributed by HUD last week that caused so
much confusion.  This is the cliff notes version. Kathleen Gillis, MBA CNN
Mortgage, Inc.

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