In an effort to help move foreclosed properties more quickly HUD announced on Friday the removal of 90 day waiting period to repurchase homes utilizing FHA financing!
This information just came out yesterday and more details to follow…however the following is a quick review;
- Effective February 1st, 2010
- All transactions must be arms-length in nature
- Seller must hold title to the property
- No previous flipping of the property during the last 12 months
- Property was marketed openly and fairly
Key issue will be when property has increased 20% or more since title transferred;
- Supporting documentation will need to verify sufficient legitimate renovation or appraiser needs to justify and explain increase in value
- Property inspection will be required by lender
Again, this just was announced…please see attached from HUD and as I have more details will forward to everyone.
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