I am for it! I know it has a requirement that the resale can only be 20% above the cost and that there are other limits that the seller has to adhere to.
I have had first time buyers trying to buy a property last year, only to be turned away because it hadn't been held for the 90 days. They never got to purchase a house because the prices are now up higher than they can afford for a single family house. Last year the only ones at the bottom of the market that they could afford were the ones beening flipped. Each time I found a place that might work, when I checked on it, the sellers couldn't do an FHA. time and again the listings would state " no FHA need apply".
Please read the report and maybe it will help some deserving buyer.
http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf
Sunday, January 17, 2010
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