Unless you live under a rock, you’ve heard this buzz going crazy all over the place. Everybody is blogging about it, giving their input and opinion on the new rule taking affect Feb 1st 2010. FHA New 90 Day Flip Rule
This is new and upgraded from their previous rule change Neighborhood Stabilization Program Grants where, from my understanding, it was only meant for State, Local and Non-Profit organizations that were revitalizing neighborhoods. I really believe that one was complete misunderstood by a lot of people, including all of the realtors emailing me in glee only to quickly realize that I am NOT a non-profit organization LOL!!! Silly Realtors! Trix are for kids.
A direct quote from Secretary Donovan:
“As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers,” said Donovan. “FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization.”
“This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed,”
“FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties,” said FHA Commissioner David H. Stevens. “This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.”
My thoughts? I think this is great! Sure, there are a few guidelines that must be met, but I certainly don’t think they’re going to be deal killers. As always, time will tell.
Where is there great info on this topic?
What I’d like to do is ask you where else is there great info being given out about this? Who’s other blogs and sites are giving great in-depth research, educated opinion etc..?
Leave a comment and put in the link.
I certainly will be keeping up on it as it moves on. I will also be inviting David Krushinsky, one of our amazing guest posters to dig into this a little deeper and give his expert and professional opinion as a Mortgage Broker.
photo cred: tommeeksfamily