FHA Flips Anti-Flipping Rule
(RECON, 2/2/10)
The Federal Housing Administration (FHA) yesterday relaxed what is known as the “anti-flipping rule.”
FHA now provides mortgage insurance for some purchases in which the seller bought the property and held it for fewer than 90 days.
The change was made to speed up sales of renovated homes in communities with too many bank-owned and foreclosed homes, said FHA Commissioner David H.Stevens.