It seems that someone in Washington is finally getting it. FHA loans are loosening their restrictive requirements for Title seasoning, starting with Foreclosued homes.
Evidently, they just now figured out that if you make houses harder to sell, less people want to buy them! Wow! Who could have guessed!
Here’s the story:
Property Flipping Rule Suspended by Bush
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.
If you’ve been getting my e-mails for any length of time, you know I’ve been reporting on the governments policy and law changes regarding resales of properties since early last year.
The government has been pushing hard for reform to their outdated and ridiculously slow (like everything in government) lending policies, this is just the latest attempt to speed the sale of foreclosures back into the community.
The government has pledged to “spend whatever it takes” to make FHA (and VA) loans avilable for more people.
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