In January, the Department of Housing and Urban Development (HUD) instituted a one-year moratorium on the FHA’s 90 day anti-flipping rule. As a result, beginning Feb. 1, buyers could use FHA-insured financing to purchase properties resold though private developers and investors, providing access to a broader array of recently foreclosed properties. Under the temporary waiver, all transactions must be arms length, and most properties will require additional documentation or improvements and justification of the price increase. Additional documentation may include a second appraisal and a property inspection ordered by the lender. Please click hyper-link to read the full article.
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