In a move that surprised even the most attentive among our ranks, on January 15th, 2010 The US Department of Housing and Urban Development waived a set of requirements related to foreclosure sales that had have often shut out FHA buyers “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."
Sellers, many of whom are investors who have learned to capitalize on the many opportunities in the foreclosure market, now have a new market of buyers that are currently a major part of the housing resurgence, courtesy of the First-Time Homebuyer tax credit which was extended through June of this year. Coupled with this Suspension of the 90-Day Seasoning Rule and the First-Time Homebuyer credit, those investors who are able to make moves on foreclosed properties in a weary market may be poised for big success in 2010.
Source: MAREI - click link for more information about this topic
