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It seems “fix & flippers” will now be able to take advantage of the influx of first-time FHA buyers currently looking to take advantage of the $8000 tax credit. FHA is temporarily lifting a prohibition against providing FHA mortgage insurance for homes that are purchased and resold within 90 days (a common practice of “Fix & Flip” investors). The waiver allowing houses to be purchased with FHA mortgages, begins February 1 and is effective for one year. Hopefully this will make more homes available to first-time home buyers. Conditions attached to the waiver are expected to prevent what HUD called “predatory practices” by requiring “flippers” who resell within 90 days of purchase at a price that is 20 percent higher, to justify the increase by showing how much was spent on repairs and renovation.