C.A.R. requests FHA rule be reexamined

C.A.R. recently submitted a letter to Federal Housing Administration (FHA) Commissioner David Stevens detailing the challenges facing many home buyers using FHA loans. Specifically, C.A.R. leadership addressed concerns about the lack of housing inventory available to FHA buyers due to the agency’s 90-day anti-flipping rule, and the need for this rule to be revised to reflect current market conditions. The reexamination of the 90-day anti-flipping rule was passed as an action item during C.A.R.'s board of directors meetings in October.

The letter followed a meeting with members of the 2009 and 2010 C.A.R. Leadership Teams and Commissioner Stevens, where the 90-day anti-flipping rule was discussed. During the meeting, Commissioner Stevens stated his and the FHA’s commitment to working with C.A.R. and NAR to address this issue.

Click here to view C.A.R.’s letter to Commissioner Stevens.