Great news for the real estate market! Finally HUD has shown common sense. Effective February 1st, 2010, investors will be granted and exemption to the 90 day seller seasoning rule, known as a anti - flip rule. HUD determined that properties take less than 90 days to rehab and making buyers wait increases holding costs thus making the properties less affordable and increasing the chance of vandalism due to vacancy.
The waiver expires in one year!
WASHINGTON - In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.
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