Please be advised per HUD there IS NO CHANGE to the existing 90 day seasoning requirements for non-NSP FHA financed properties.
Here is where the confusion may be stemming from: HUD is allowing an additional exemption for properties that are approved through the Neighborhood Stabilization Program (NSP) in blighted neighborhoods for homes in need of renovations.
So to clarify: FHA is extending the exemption of their very, very strict 90 day flipping rule for homes utilizing the NSP so that the buyers can be eligible for FHA mortgage financing for foreclosed or abandoned homes that are acquired by a nonprofit or previously approved for profit, state and local agencies but it does not extend to any other property flips.
