FHA Lifts 90 Day Seasoning Rule for 1 Year!

Yup… you read that right!

This is going to be an AMAZING here especially for all us short sale investors. Just think how many different programs FHA provides first time buyers to qualify to buy a house. Now take those buyers and match them up with all your short sale approved houses and what do you get?

Short Sale Buyer FRENZY!!!!!

Where do you think are some of the BEST places to find FHA Buyers? List all your answers in the Comments Section below.

http://money.cnn.com/2008/06/13/real_estate/property_flipping.ap/index.htm?section=money_latest

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Property-flipping rule suspended

The White House temporarily suspends a rule that imposes a 90-day waiting period before foreclosed homes can be sold to receive government loans.

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June 13, 2008: 4:17 PM EDT

WASHINGTON (AP) — The Bush administration is temporarily suspending a 5-year-old rule intended to deter property flippers, as part of an effort to help speed the sale of foreclosed properties.

For one year, the Federal Housing Administration will no longer impose a 90-day waiting period before foreclosed properties can be sold to receive government-backed loans.

The policy was put in place in 2003 to deter property "flipping" schemes, in which buyers are overcharged for foreclosures or other distressed properties. But the surge in vacant properties resulting from borrowers who were unable to afford their mortgages has become a far more pressing concern.

"A glut of foreclosed and abandoned homes harms neighborhoods, frustrates homebuyers and delays a community’s recovery," FHA commissioner Brian Montgomery said in a prepared statement.

The new policy "will allow homebuyers to purchase these homes in much greater numbers and ease the excess supply of unsold homes," Montgomery said.

Nationwide, 261,255 homes received at least one foreclosure-related filing in May, up 48% from the same month last year, and up 7% from April, foreclosure listing company RealtyTrac Inc. said Friday.