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Prohibition of Property Flipping in HUD's Single Family Mortgage Insurance Programs; Additional Exceptions to Time Restriction on Sales

HUD · hud-fha · Published 2004-12-23 · Effective 2005-01-24 · 69 FR 77114

Document

Document number
04-28050
Federal Register citation
69 FR 77114
CFR reference
24 CFR 203
Type
Rule
Action
Interim rule.
Category
hud-fha
Agency
US Department of Housing and Urban Development
Publication date
2004-12-23
Effective date
2005-01-24
Docket
Doc. No. FR-4911-I-01

Abstract

HUD's regulations addressing the predatory practice of property "flipping" establish certain time restrictions regarding the sale of properties whose purchase is being financed with Federal Housing Administration (FHA) mortgage insurance. The regulations include an exception from the time restrictions for properties acquired and subsequently sold by FHA. This interim rule broadens the exception to include all other federal agencies that acquire properties as a result of a function of their programs and quickly market and sell these acquired properties. The interim rule also clarifies that the time restrictions on sales do not apply to properties that are acquired by inheritance.

Source

Authoritative
Federal Register document
Machine
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