FHA - 90 Day Flip Rule Suspended
Jun 13th, 2008 | By
Aaron Landreth) | Category: Las Vegas Foreclosure News, Las Vegas Mortgage, Las Vegas Real Estate News
BIG news for all FHA qualified borrowers. Bank owned properties, once subject to a “90 day holding rule” that prevented FHA qualified borrowers from purchasing are now able to be purchased! This is HUGE news that should create even more of a spark in the hot foreclosure market right now. Great news! Read the full article from FHA at the HUD Pressrom.
One question that arises is how lenient the banks will be with providing down payment assistance & closing costs. It will certainly benefit you to have a Realtor that knows how to write a proper REO offer utilizing FHA’s concessions so that your offer is approved.
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