If you haven’t heard, last Friday (01/15/10) FHA has agreed to purchase loans that are created within less than 90 days from the previous purchaser. This waiver is for one year, beginning two weeks from now - 02/01/2010. Now gives the private investor has the same opportunities that were afforded banks and mortgage companies in a similar waiver that was given to banks and mortgage companies in the summer of 2008.
In other words, it is no longer a criminal act for a private investor to flip a property!!! This is more than just a tacit admission by the government that the private investor in the real estate industry is a REQUIRED element for a vibrant and prosperous real estate industry to function properly.
Also, understand that this regulation refers to the LENDER who will be doing the new financing. It is not regulating the bank that is holding an REO or a mortgage company that is short selling.