Please translate - Seasoning Relaxed on Foreclosed homes?

[Jeff Bodin]

From: http://www.phoenixpowersearch.com/2009/09/wow-no-more-fha-90-day-waiting-period-on-flipped-foreclosures/

"Prior to September 14, 2009, FHA products were denied to buyers purchasing homes from investors that buy homes, rehab them, and sell them within a 90-day period. Previously, the only option to purchase these homes was through conventional financing (which requires a higher down payment) or a cash-only purchase.

This revision allows home buyers to expand their market when searching for a home and gives them the opportunity to secure a much lower down payment. More investors and buyers will be encouraged to purchase homes due to this major change.
Take a look at the revision:

'Section 203.37a(b)(2) of the FHA regulations, 24 CFR, is hereby waived for a period of one year, September 14, 2009 through September 13, 2010, with regard to sales of previously foreclosed or abandoned properties acquired and resold by for-profit and non-profit entities using funding from and performing under agreements with state and local government agencies under the NSP program.' "

http://www.hud.gov/offices/hsg/sfh/waivpropflip.pdf