Great News for property investors.. Your heard right! In an attempt to lower the amount of homes on the market available for sale and assist in balancing out the heavy inventory of homes.. The White House temporarily suspends ruling that imposes a 90-day waiting period before foreclosed homes can be sold to receive government FHA loans. This eliminates the requirements of seasoning issues for investors who have aquired a home to resell for a profit, making it easier to get the end buyers into a government backed FHA loan. If you are out there as an active investor this is music to our ears. So many investors are picking up pre foreclosure homes on a lease option, subject to, or even thru a shortsale, this new ruling makes it easier to get your buyers into a home hopefully lowering the amount of available homes on the market which makes it easier for investors to flip these homes for a profit. As of June 13, 2008 - The Associated Press Reports WASHINGTON (AP) - The Bush administration is temporarily suspending a 5-year-old rule intended to deter property flippers, as part of an effort to help speed the sale of foreclosed properties. For one year, the Federal Housing Administration will no longer impose a 90-day waiting period before foreclosed properties can be sold to receive government-backed loans. The policy was put in place in 2003 to deter property "flipping" schemes, in which buyers are overcharged for foreclosures or other distressed properties. But the surge in vacant properties resulting from borrowers who were unable to afford their mortgages has become a far more pressing concern. "A glut of foreclosed and abandoned homes harms neighborhoods, frustrates homebuyers and delays a community's recovery," FHA commissioner Brian Montgomery said in a prepared statement. The new policy "will allow homebuyers to purchase these homes in much greater numbers and ease the excess supply of unsold homes," Montgomery said. Nationwide, 261,255 homes received at least one foreclosure-related filing in May, up 48% from the same month last year, and up 7% from April, foreclosure listing company RealtyTrac Inc. said Friday
