The good news is that the real estate investors that have been buying and rehabing or renovating FHA property can now turn around and sell the property as soon as it is ready for the market. In the past they have had to wait 90 days. There are some restrictions on the lifting of the ban. See the release below.
Here is the actual release from the FHA:
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"FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties," said FHA Commissioner David H. Stevens. "This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity."
The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or…