The Federal Housing Administration (FHA) announced January 28, 2011 that it would temporarily extend it's waiver of anti-flipping rules.
The extension is intended to accelerate the resale of foreclosed 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 January 31, 2011. FHA now is extending the waiver through the remainder of 2011.
The FHA hopes the action will permit buyers to continue to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales.
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