FHA Seeks to Stabilize the Housing Market Through Anti-Flipping Deadline Extension | Irvine Real Estate | Irvine Homes for Sale

by Robert Mack on January 29, 2011

in Buyers, Latest News, Sellers

In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, Federal Housing Administration (FHA) Commissioner David H. Stevens today has extended FHA’s temporary waiver of the agency’s ‘anti-flipping rule.’ The extension is intended to accelerate the resale of foreclosed upon homes in neighborhoods struggling to overcome possible property abandonment and blight.

 

With certain exceptions, FHA regulations prohibit insuring a mortgage on a home owned by the seller for less than 90 days. Early last year, FHA temporarily waived this regulation through Jan. 31, 2011. FHA today posted a notice extending this waiver through the remainder of 2011. This action will permit buyers to continue to use FHA-insured financing to purchase U.S. Department of Housing & Urban Development (HUD)-owned properties, bank-owned properties, or properties resold through private sales. It will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

“As I noted when we first announced this policy change early last year, because of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers,” said Stevens. “Today, I can report that this policy change has been effective. Since the original waiver went into effect on last February, FHA has insured more than 21,000 mortgages worth over $3.6 billion on properties resold within 90 days of acquisition.”

via nationalmortgageprofessional.com for the complete article

Great News…FHA anti flip policy for homes purchased less than 90 days ago is being extended through the end of 2011….Check out this article to learn more about how that can help stabilize the maket and help first time home buyers homes that have been upgraded and are move in ready!

Posted on Irvine Orange County Real Estate Market News

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