I mentioned a couple months ago that the waiver for the FHA 90-Day Flip Rule (click here to read about the 90-Day Rule and click here to read about the waiver enacted last year) was expiring this month, but that I hadn’t heard any details on whether it would be extended or not…
Well, as of the other day, the waiver that allows rehabbers to flip within 90 days has been extended another year. Here is an article from the L.A. Times from January 16:
FHA Extends Suspension of “Anti-Flipping” Rule
This is great news for rehabbers…and I know that this will continue to help our business throughout 2011…
In case you are interested here is another link to the extension of the rule but this one is in HUD’s website: http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2011/HUDNo.11-007
I am dealing with this issue right now.