Property-flipping rule suspended

[Lloyd Bonafide]

The White House temporarily suspends a rule that imposes a 90-day waiting period before foreclosed homes can be sold to receive government loans.

http://money.cnn.com/2008/06/13/real_estate/property_flipping.ap/index.htm

 

[ghrousseau]

Still need two appraisals for FHA.

 

[Mike Boyd]

Still need two appraisals for FHA.

I think this applies only if the proposed loan will exceed the REGULAR loan limits for that area. However, I have not seen anything relative to sales of repos and two required appraisals. If you have, please let us know.