FHA Bids to Outmaneuver Investors in Favor of Underserved Buyers
Industry Update
May 16, 2022
Source: mpamag.com
The Federal Housing Administration (FHA) has announced a 30-day exclusive period to give underserved buyers and non-profits an opportunity to bid on foreclosed properties before investors.
The Department of Housing and Urban Development’s (HUD’s) Federal Housing Administration, which insures mortgages for undeserved homebuyers, published a Mortgagee Letter (ML) earlier this month, saying it supported the Biden-Harris administration’s efforts to increase the supply of affordable housing.
The aim is to make more single-family homes available for low and moderate-income homebuyers, and give them, as well as non-profit housing organizations and government entities, an opportunity to bid for foreclosed properties without the fear of large investors snapping up the homes first.
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