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GREAT NEWS FOR INVESTORS!

HUD has issued a one year temporary waiver permitting FHA financing of a resale within 0-90 days of the seller’s acquisition of the property. Bank of America is allowing the waiver provided loan complies with the following conditions:

  *Increases in the Property Sales Price over the Seller’s Acquisition Cost must be less than 20%. No exceptions will be allowed. 
  *The seller’s acquisition cost is the price the seller paid for the property only, exclusive of any commissions, repairs, and improvements.
  *All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.