90 Day FHA Anti-Flipping Rule Waived For The Next Year!
As of September 14, 2009, FHA has ruled to WAIVE the 90 DAY ANTI-FLIPPING RULE FOR THE NEXT YEAR!
There are some stipulations! However, the stipulaions are not that bad. Most importantly, you need to find a lender that participates and most importantly knows how to work an NSP (Neighborhood Stabilization Program) Loan. They are known by many different names depending on what part of the country you live in. Us here in Arizona have the NSP Program which is administered within the municipalities and then we have YOUR WAY HOME AZ which is administered on the State level.
The program is designed to provide borrowers up to 20-22% down payment assistance which helps them to do any or all of the following:
• Down Payment (although they still have to come in with 3% of their own funds)
• Buy down the rate (lower the rate and payment)
• Minor Repairs or replacement of stove, refrigerator, etc.. (NO THIS IS NOT A 203K)
• Pay for closing costs
For more technical information you can go find it on the links below:
Section 203.37a(b)(2) of the FHA regulations, 24 CFR, is hereby waived for a period of one year, September 14, 2009 through midnight on September 13, 2010.
In regards to sales of previously foreclosed or abandoned properties acquired and resold by for-profit and non-profit entities using funding from and performing under agreements with state and local government agencies under the NSP program. Read the Waiver online at: http://www.hud.gov/offices/hsg/sfh/hsgsingle.cfm
If you have questions of FHA's Property Flipping Waiver please email FHA at: info@fhaoutreach.com or visit: http://www.fhaoutreach.gov/FHAFAQ
Wednesday, September 23, 2009
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