FHA continues to waive anti-flipping rule
For the fourth time since 2010, HUD has decided to waive its anti-flipping rule, good news for real estate markets nationwide which remain hobbled by the mortgage meltdown.
Starting in 2003, HUD set out regulations which prohibited the use of FHA-insured financing for properties that had been resold within the past 90 days. The purpose of the rule was to stop illegal flipping, the practice of selling homes through the use of mortgage fraud and appraisal fraud.
