Buyers:Foreclosed Homes, New Temporary Ruling

For one year, beginning February 1,2010, there is a temporary moratorium for FHA buyers on foreclosed properties. Buyers may use FHA-insured financing to purchase properties resold through private developers and investors, providing access to a broader array of recently foreclosed properties. Prior to this announcement, FHA prohibited insuring a mortgage on a home owned by the seller for less than 90 days; though certain exceptions did exist, such as HUD-owned, government-owned, and bank-owned properties. Read the details,    Click here