December 29, 2011
The FHA has extended a waiver to its anti-flipping rules into 2012. Under normal circumstances FHA rules forbid taking out an FHA mortgage for the purpose of “flipping”,which is the practice of buying a home, renovating it, and returning it to the market as soon as possible.
A press release from the Department of Housing and Urban Development, HUDNo 11-292, states the waiver will be extended through 2o12 as part of an effort to stabilize home values and improve the housing market.
Acting Federal Housing Administration Commissioner Carol J. Galante was quoted in the release, saying
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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