From our friends at ALTA
The Federal Housing Authority once again extended its temporary waiver of anti-flipping regulations, this time through December 31, 2014.
Prior to the waiver, a mortgage was not eligible for FHA insurance if the contract of sale for the purchase of the property that secured the mortgage was executed within 90 days of the prior acquisition by the seller, and the seller did not come under any of the exemptions to this 90-day period specified in the regulation. The waiver is applicable to all single family properties being resold within the 90-day period after prior acquisition, and is not limited to foreclosed properties.
The waiver, which was set to expire at the end of 2012, was first issued in January 2010 and has been extended several times. The FHA said it extended the waiver to encourage renovation of foreclosed and abandoned properties, increase the availability of affordable homes and stabilize home prices.
