As of February 1, 2010, the “anti-flipping rule”, also known as “seasoning”, has changed. FHA will now insure mortgages on homes where the seller has owned it less than 90 days. Investors acquire homes, fix them up, and put them on the market. Buyers who are eligible for FHA financing used to have to wait for the seller to own the property for 90 days. If the buyer finds the home they want they will now be able to submit an offer when they are ready. Hopefully this change will move many of the foreclosures that are not being maintained and sitting unsold in our neighborhoods.
February 2, 2010
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