The Federal Housing Administration is extending the anti-flipping waiver through the end of 2012, which allows buyers to purchase homes that have been previously sold within the last 90 days.
The waiver, which was set to expire soon, was "intended to accelerate the resale of foreclosed properties in neighborhoods strggling to overcome the possible effects of abandonment and blight," Carol J. Galante, the acting Federal Housing Administration commissioner, said in a statement. "FHA remains a critical source of mortgage financing and stability and we must make every effort to promote recovery in every responsible way we can,"
Souce: Realtor.com
This is good news for FHA buyers. If the waiver had not been extended they would have been prohibited from purchasing homes that had changed hands within the last 90 days. This would have made it impossible for the FHA buyer to purchase the majority of bank owned homes and properties that investors had purchased, fixed up and put back on the market.
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