FHA EXPANDS REAL-ESTATE OWNED PROPERTY PURCHASE OPPORTUNITIES FOR OWNER-OCCUPANT BUYERS

摘要

The Federal Housing Administration (FHA) is increasing its exclusive listing period on certain HUD single-family real-estate owned (REO) homes to allow more time for owner occupants, HUD-approved nonprofit organizations, and governmental entities to submit bids for the purchase of these homes before they become eligible for purchase by investors. This expansion is the latest action consistent with the Biden-Harris Administration's housing supply announcement on September 1, 2021, that it would seek to make more HUD-owned properties available to owner-occupants and non-profit organizations. Beginning March 1, 2022, this exclusive listing period for individuals, families, HUD-approved nonprofit organizations, and governmental entities will increase from the current 15 days to 30 days for new listings of single family homes listed as "insured" or "insured with escrow" on HUD's REO sale site, HUD HomeStore. Properties with these designations are eligible for FHA-insured financing under the FHA 203(b) program, meaning that they meet FHA's minimum property standards and may only require cosmetic repairs or non-structural repairs up to $10,000.