In the years of the hot real estate market, the FHA tried to put the brakes on people who were flipping houses – buying at one price, doing a quick cosmetic update and selling them quickly for a much higher price. They stopped doing loans for transactions where the previous owner had owned the home less than 90 days. But now, the FHA wants to do everything possible to get all of the bank-owned and distressed properties OFF the market and owner-occupied. The anti-flipping law has been waived for the duration of 2012. Check out the full article here.
