Timely news, information and advice concentrating on FHA, VA and USDA residential mortgage lending.

Vimeo Channel YouTube Channel

FHA and HUD Announce Extra Processing Time For Mortgages Affected By Hurricane Sandy

November 27, 2012

On the FHA/HUD official site, borrowers will find a notice regarding the closing time requirements for loans affected by Hurricane Sandy.

FHA loan rules have been temporarily modified to make exceptions for the normal closing time requirements for FHA borrowers in federally-declared disaster areas affected by Sandy.

According to the FHA, ” In cases where there is no expectation of a material change in the loan application documentation, lenders closing on loans for properties located in Presidentially-Declared Major Disaster Areas affected by Hurricane Sandy will be granted an additional sixty days for all documents in the mortgage loan application at closing beyond the 120 days for completed construction or 180 days for new construction set out at HUD Handbook 4155.1 1.B.1.h.”

Again, this announcement is only for what the FHA describes as “Presidentially-Declared Major Disaster Areas” affected by Hurricane sandy. The FHA waiver “applies to all case numbers assigned on or before October 29, 2012, with a settlement date on or after October 29, 2012”.

Hurricane Sandy has left several states in its wake that now have counties declared as federal major disaster areas. Those states inlcude Delaware, Connecticut, New Jersey, and New York. For more information, contact the FHA directly at 1-800 CALL FHA.

Do you have questions about the FHA home loan process? Ask us in the comments section.

Joe Wallace - Staff Writer

By Joe Wallace

Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.

Connect with Joe:

 

Browse by Date:

About FHANewsBlog.com
FHANewsBlog.com was launched in 2010 by seasoned mortgage professionals wanting to educate homebuyers about the guidelines for FHA insured mortgage loans. Popular FHA topics include credit requirements, FHA loan limits, mortgage insurance premiums, closing costs and many more. The authors have written thousands of blogs specific to FHA mortgages and the site has substantially increased readership over the years and has become known for its “FHA News and Views”.

5850 San Felipe Suite #500, Houston, TX 77057 281-398-6111.
FHANewsBlog.com is privately funded and is not a government agency.

Share This