UtahCribs Weblog

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HUD waives the 90 owner for FHA Homes

Posted by UtahCribs, Real Estate, Homes on January 19, 2010

Great news for all of us! A real estate investor can now re-sell a house to FHA buyers without having to have owned the property for at least 90 days. There are of course some restrictions.
On Friday, January 15, 2010, HUD Secretary Shaun Donovan announced a measure intended to “…bring stability to home values and accelerate the sale of vacant properties.”

The temporary new policy will expand access to FHA mortgage insured loans and is meant to allow for the quick resale of foreclosed properties.

Effective February 1, 2010, FHA, while maintaining what the release describes as “very strict conditions and guidelines to assure that predatory practices are not allowed” will temporarily waive the 90-day owner seasoning period.

For more details on this very important and exciting change, click on the link below:

HUD PR Waiver of 90 Day Owner Seasoning.

This is great news, finally someone on the Govt. level trying to do something to help thin out the massive amounts of inventory the Real Estate market is dealing with. Put all your personal opinions aside, this is good news for everyone. I think this could have a real impact on my local market of Utah Realestate. I am glad that some legislature actually thought of an idea that could help us sell homes in UTAH…

Spencer Janke
fax 801-326-4763

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