HUD Secretary Shaun Donovan today announced a temporary policy change that will expand access to FHA mortgage insurance for Homebuyer’s in Raleigh, Fuquay Varina, Holly Springs, Apex and Lillington. It will allow quicker resale of newly acquired distressed properties. FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days, but effective February 1st that rule will be suspended for one year.
To protect FHA borrowers against predatory “flipping” practices, this waiver is limited to those sales meeting the following general conditions:
• All transactions must be arms-length transactions.
• If the sales price is greater than 20 percent above the seller’s acquisition cost, additonal supporting documentation will be required.
• The waiver is not allowed for reverse mortgages
*This is not an offer to lend. 
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