They are as follows:
4155.2 4.7.e Restriction on ReSales Occurring 90 Days or Less After Acquisition
If a property is re-sold 90 days or fewer following the date of acquisition by the seller, the property is not eligible for a mortgage insured by FHA.
FHA defines the
- seller's date of acquisition as the date of settlement on the seller's purchase of that property, and
- resale date as the date of execution of the sales contract by a buyer intending to finance the property with an FHA-insured loan.
4155.2 4.7.h Exceptions to the 90-day Restriction
The only exceptions to the 90-day resale restriction described in HUD 4155.2 4.7.e are for
- properties acquired by an employer or relocation agency in connection with the relocation of an employee
- resales by HUD under its Real Estate Owned (REO) program
- sales by other United States Government agencies of single family properties pursuant to programs operated by these agencies
- sales of properties by nonprofits approved to purchase HUD-owned single family properties at a discount with resale restrictions
- sales of properties that are acquired by the seller by inheritance
- sales of properties by state and federally-chartered financial institutions and government sponsored enterprises
- sales of properties by local and state government agencies, and
- sales of properties within Presidentially Declared Disaster Areas.
Happy New Year!