FHA 223(f) New Construction Waiver of Three Rule Apartment Loans

On February 17, 2010 the waiver of the three year rule for new construction was extended for one year.
This applies to only apartment loans under FHA Section 223(f) refinance and purchase of existing occupied apartment buildings.

For the complete letter: FHA 223(f) Waiver Extension

FHA 223(f) Loan rates have been in the low 5% for thirty five years for the past month, FNMA and Freddie Mac Loans have been closer to 6% for ten years.