Original Article: DS News.com – 01/18/2010
HUD Moves to Speed REO Sales HUD Secretary Shaun Donovan has nnounced a temporary policy that will lift the 90-day waiting period to obtain Federal Housing Administration (FHA) mortgage insurance for the purchase of a foreclosed home. FHA research has shown that acquiring, rehabilitating, and reselling foreclosed properties often takes less than 90 days. The temporary waiver will allow FHA borrowers to purchase HUD-owned, bank-owned, or properties resold through private sales as soon as they hit the market.
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