January 2010

FHA implements new rules to help foreclosures sell faster

Tuesday, January 19th, 2010 at 12:19pm. 230 Views, 1 Comments.

FHA has made recent changes to their rules to help stabilize the home values and improve community distress in places where foreclosure activity is high.  A temporary change of policy has been announced which will allow increased and quicker access to FHA mortgage insurance when purchasing some foreclosed properties.

Through this announcement and the $2 billion stabilization grants announced for non-profit developers and local communities announced to stem the negative effects of abandoned and vacant homes in some communities, the current administration has shown a commitment to addressing these issues.

These changes further open up the credit market to potential home buyers who often run into roadblocks obtaining conventional financing, most home buyers in…