The US Department of Housing and Urban Developement has taken action to speed resale of foreclosed properties to new owners by eliminating the FHA anti-flipping rule for one year. This is a temporary policy that is a measure to help bring stability to Downtown San Diego Condos, Downtown San Diego Lofts, home values and accelerate sale of vacant properties in Downtown San Diego and all around the country. This action is part of the Obama Administration commitment to addressing foreclosure.

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.

To read more about the rules and restrictions click on HUD.

To read 92101 Urban Living’s former blog click on How to Qualify for FHA Approval in Downtown San Diego!.