Acquiring, rehabilitating and reselling foreclosed properties to prospective homeowners often takes less than 90 days in today’s market.   In the past, FHA restrictions did not allow financing of foreclosed properties less than 90-days owned by investors.  Consequently some buyers have often been shut out from buying affordable properties.   FHA Commissioner,  David H. Stevens says, “this action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.”

The waiver will take effect on Feb. 1, 2010, and be effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of “flipping,” the waiver is limited to those sales meeting certain guidelines.

Access these guidelines at HUD’s web site:  http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf.

For Jacksonville Beach and Jacksonville Florida Foreclosed Or Short Sale Properties go to my web site at www.FindaPlaceWithStyleNgrace.com.   Go to the Property Search Page at this link and click on Foreclosures.  For immediate assistance call 904-233-1341.  Email is: gracehughesjax@gmail.com.

Tags: Buying a House in Jacksonville Beach FL, Foreclosed Properties in Jacksonville Beach FL, Foreclosures in Jacksonville Beach FL, Homes for Sale in Jacksonville Beach FL, Jacksonville Beach Foreclosures

Posted on Tuesday, January 19th, 2010 at 12:20 am and is filed under Foreclosures. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.