HUD has made the decision to temporarily allow FHA financing on recently acquired properties. The aim of the change is to accelerate the absorption of foreclosed homes that are on the market. Currently, FHA insured loans are not allowed on properties that were sold in the last 90 days. This is called "Title seasoning."
Many distressed properties are bought and fixed up for resale on the market. This ruling is a sensible way to help keep things rolling and hopefully speed the housing market recovery.
The new rule goes into effect beginning February 1st.
Tuesday, January 19, 2010
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