Orange County FHA Buyer's GET A HUGE BREAK!!

If you're an FHA Buyer or an investor you need to read this...On Friday January 15th, 2010, HUD(dept of housing and Urban Development) signed a TEMPORARY waiver of the FHA 90 Day Seasoning Flip Rule, which will go into effect on Feb 1, 2010 and last for one year.  What does this mean for Orange County FHA buyers looking for homes in South Orange County or a city like Laguna Niguel?  A REAL CHANCE TO OWN A HOME IN ORANGE COUNTY!

Right now with the depleted inventory in Orange County many foreclosure homes are being bought by investors, rehabbed and put back on the market within 30 days of taking title of the property.  HUD and the government has FHA financing restrictions that if an investor (non-bank or non-government entity) purchases a foreclosure that FHA will not finance that property unless the investor has owned the property for at least 90 days.  FHA buyers cannot even write an offer dated until the 91st day of ownership.

This has caused many FHA buyers in Orange County trying to purchase a home to be ineligable for great affordable homes that are in the process of being flipped by a private investor.  This will now open up more possibilities for FHA buyers starting Feb 1st, 2010 through January 31st of 2011.  This is a great step by the government to give FHA buyers a chance to become homeowners and help curb vacant foreclosures in cities across the country.

For Orange County FHA buyers this means there will be more options to purchase a home and the opportunity to take advantage of the market correction, historic low interest rates, realization of the incredible tax advantages of owning, make an investment in your families future and enjoy the comfort of your own home and memories that home ownership brings.  I believe that the goverment has done the right thing with this temporary removal of this restriction and Orange County FHA buyers will be able to benefit from this change.

Here is a link to the press release from the HUD website: HUD press RELEASE FHA FLIP RULE WAIVED 01-15-2010  

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