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Waiver for Properties Resold within 90 days of Prior Purchase Extended

On Nov. 29, 2012, FHA announced it is extending the availability of the temporary waiver of its regulation 24 CFR 203.37a(b)(2), which prohibits the use of FHA financing to purchase single family properties that are being resold within 90 days of the previous acquisition. This waiver, which was first issued in January 2010, has been extended for an additional two years to Dec. 31, 2014. FHA hopes this waiver will encourage investors to renovate foreclosed and abandoned homes to increase the availability of affordable homes and stabilize communities that have seen high foreclosure activity.