The Federal Housing Administration (FHA) has suspended its anti-flipping rule for another year to facilitate the financing and sale of newly renovated foreclosed properties.
This extension is intended to accelerate the resale of foreclosed properties in neighborhoods struggling to overcome the possible effects of abandonment and blight.
The Department of Housing and Urban Development issued the anti-flipping rule in 2003 to protect FHA borrowers from investors who were quickly flipping properties at inflated prices.
The anti-flipping rule prohibits lenders from using FHA financing in transactions where a single-family property is being resold within 90 days of the investor purchasing the property.
For more information please contact us at 503-385-1791 or www.equityloansoregon.com.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment