All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.Here are the conditions to this new policy: This policy change will bring more competition (more offers) to homes being resold by investors/flippers and allow more buyers using FHA loans to get an offer accepted. The only way to finance a home purchase with-in the 90 day period were limited to using Conventional, VA, or private financing.
They had to wait until the 91st day to make an offer. Until now, people using an FHA loan to finance the purchase of a home could not make an offer on a home that has been owned for less than 90 days by the seller. This is the one of the biggest changes HUD/FHA has made to enable home ownership, especially for first time buyers, since offering FHA loans with only 1/2% Down Payment (99.5% LTV FHA loans). This policy will take effect February 1, 2010, and last for one year. “This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed,” Donovan said. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities. This policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. Buyers & Investors rejoice! Check out the updated info here: FHA/HUD 90 Day Flip Waiver Guideline Extended in 2012 BREAKING NEWS - HUD/FHA just extended the FHA 90 day flip waiver through December 31, 2012.
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