Facebook
Twitter
Pinterest
Copy Link
Did you know there is a show on the DYI channel that features rapper Vanilla Ice –turned handyman as he renovates and flips foreclosed, abandoned homes on the reality TV show, “The Vanilla Ice Project,” The show was renewed for a second season, which starts Jan. 21. Just in time for you to pick up the phone and let your handymen and investors know that FHA has extended the Waiver of Anti-Flipping Regulations through 2012
In an effort to continue stabilizing home values and improve conditions in communities experiencing high foreclosure activity, The Federal Housing Administration has extended a temporary waiver of FHA’s anti-flipping regulations through 2012.
The new extension will permit buyers to continue to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. It will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities. The Waiver continues to be limited to sales meeting the following conditions:
• All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction;
• In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the Waiver will apply only if the lender meets specific conditions, and documents the justification for the increase in value; and
• The Waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program
The new extension will permit buyers to continue to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. It will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities. The extension announced is effective through December 31, 2012.
