 |
Appraisers' Free Forum
Hosted by freeforums.org
|
| Welcome |
|
|
Welcome to Appraisers' Free Forum.
You are currently viewing our boards as a guest, which gives you limited access to view most discussions and access our other features. By joining our free community, you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content, and access many other special features. Registration is fast, simple, and absolutely free, so please, join our community today! |
| View previous topic :: View next topic |
| Author |
Message |
Otis
Certified Residential
Joined: 11 Aug 2007
Posts: 2891
Location: High and Dry
|
 Posted: Tue Jun 17, 2008 7:40 am Post subject: FHA Makes Exception to Anti-Flipping Rule For Foreclosed Pro |
 |
|
http://www.housingwire.com/2008/06/16/fha-makes-exception-to-anti-flipping-rule-for-foreclosed-properties/?utm_source=Housing+Wire+Daily+Update&utm_campaign=HW06162008&utm_medium=email | Quote: | FHA Makes Exception to Anti-Flipping Rule For Foreclosed Properties
Bush administration officials on Friday said they had made a major change to existing U.S. Department of Housing and Urban Development regulations for mortgages endorsed by the Federal Housing Administration, lifting a key anti-flipping provision that lenders and disposition firms have long said limits their ability to resell distressed real estate.
HUD officials said a newly-introduced temporary policy will now extend government-backed mortgage insurance and allow for the immediate sale of vacant foreclosed properties. FHA regulations currently prohibit insuring a mortgage on a home owned by the seller for less than 90 days, a limitation designed to prevent property flipping activity.
FHA’s new policy will permit the immediate sale of foreclosed properties to legitimate borrowers wishing to use FHA-insured financing, HUD said in a press statement.
For one year, the FHA will insure foreclosed properties marketed and sold by property disposition firms on behalf of lenders; properties must purchased by owner-occupants, however, HUD said.
<snip> |
There's a hot link to the official announcement within that article at the website.
_________________
Don't believe everything you think 
What are they SMOKING?<<Link
|
|
| Back to top |
|
 |
Steve Owen
Certified General
Joined: 14 Aug 2007
Posts: 1919
Location: Joplin, Missouri
|
| Posted: Thu Jul 03, 2008 10:04 am Post subject: |
|
|
Finally, a little bit of common sense from the goberment. It's so rare and event that we ought to find some way to celebrate it.
_________________
I haven't a particle of confidence in a man who has no redeeming petty vices.
- Mark Twain, a Biography
|
|
| Back to top |
|
|
|
|
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
You cannot attach files in this forum
You cannot download files in this forum
|
Community Chest
|
Home
FAQ
Search
Memberlist
Usergroups
Calendar
Register
Profile
Log in
