Walker Beeken

I’ve linked below to a press release from HUD regarding FHA temporarily waiving the 90 day flip rule. The release further explains the details for the policy, which begins February 1, 2010. The guidelines will be very strict, but the hope is that it will open up a larger pool of homes available to buyers out there who are looking to purchase a home using FHA financing. This rule should have a big effect here in San Diego County. With inventory already being so low at the first time home buyer price price ranges, it’s even more difficult when you have to rule out more properties due to the fact that they have been purchased in the past 90 days. Many of these properties were foreclosures that were purchased for a discounted price that investors are trying to flip for a profit. The FHA was making borrowers wait 90 days before becoming eligble to purchase one of these properties, but this waiver will now make them availble as long as the property meets the strict guidelines. Check out the link to read more about it.

FHA waives 90 day flip rule to try and help speed up resale of foreclosures

This column says that interest rates could be on the way up and that the opportunity to lock in a rate under 5% has probably passed us for good. If you’re a potential buyer (or you’re thinking of refinancing), make sure you’re keeping track of what is going on with interest rates and that you know what any increases mean when it comes to the loan amount you’re pre-approved for, and what your monthly payment might be.

Interest Rates On The Way Up?