FHA Wants To Extend Waiver of Flipping Ban

HUD is close to suspending its anti-flipping rule on homes bought with FHA-backed loans for another year in an attempt to boost sales of foreclosed properties. The rule prohibits FHA lenders from financing single-family properties that have been resold within 90 days. HUD suspended the rule last February, a year after investors complained that the 90-day restriction prevented them from quickly renovating foreclosed homes and selling them to first-time buyers. Source: American Banker


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