FHA 90 day waiver, not for us!
Sep 25th, 2009 by Vinny
The new FHA 90 day seasoning waiver is not for us investors. That only applies the cities and other government agencies (or companies that work for them) to sell homes without having to wait out the 90 day re-sale period.
http://www.hud.gov/offices/hsg/sfh/waivpropflip.pdf,
Specifically:
Section 203.37a(b)(2) of the FHA regulations. 24 CFR, is hereby waived for a period of one year from today’s date with regard to sales of previously foreclosed or abandoned properties acquired and resold by for-profit and non-profit entities using funding from and performing under agreements with state and local government agencies under the NSP program as further established by the Notice of Application referenced above.
But it does mention for-profit companies, so call up your government agencies buying in bulk and talk to them!
