June 26, 2017

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Articles Tagged With: FHA and HUD

HUD: June Is National Healthy Homes Month

The Department of Housing and Urban Development has announced the second-annual National Healthy Homes Month. According to a press release at the FHA/HUD official site, “Launched by HUD’s Office of Lead Hazard Control and Healthy Homes (OLHCHH), National Healthy Homes Month 2017 will focus national attention on ways to keep people of all ages safe and healthy in their homes.” That focus includes an emphasis on lead paint. According to the HUD official site, National Healthy Homes Month is themed, “Just What the Doctor Ordered,” and put the spotlight on “the vital role that pediatricians and the health community play in healthy homes education” The HUD press release observes that due to lead poisoning and other home-connected health risks, creating a healthier home environment should be a top priority. “National | more...

 

HUD Announces Extension of FHA 203(h) Disaster Insurance

The Department of Housing and Urban Development has announced an extension of FHA 203(h) loans for qualifying residents of federally declared disaster areas in Louisiana. The FHA 203(h) program is described in the FHA Single Family Handbook HUD 4000.1. “Section 203(h) of the National Housing Act authorizes FHA to insure Mortgages to victims of a Presidentially-Declared Major Disaster Area (PDMDA) for the purchase or reconstruction of a Single Family Property.” According to the HUD official site, there is now an “additional period of eligibility for section 203(h) mortgage, as a result of the extension of Federal Assistance for victims of the March 13, 2016 and August 14, 2016 Presidentially-Declared Major Disaster Areas of Louisiana…”. FHA loan rules state that unless an extension is offered, the case numbers for FHA 203(h) | more...

 

HUD Kicks Off National Homeownership Month

The HUD official site (www.HUD.gov) has announced that June is National Home Ownership Month. According to a HUD press release, June has been declared a time, “to reflect upon the impact owning a home has on household wealth, neighborhood stability and the nation’s broader economic health. The theme of National Homeownership Month 2017 is ‘Find Your Place in a New Era of Homeownership.'” The press release also adds that HUD Secretary Ben Carson helped begin Homeownership Month, “by hosting an academic forum on the state of homeownership in the U.S. following the housing crisis, specifically the challenges Millennials face” as the generation enters the job and housing markets. “After all we’ve been through, homeownership remains an American value and the cornerstone of our economy,” said Secretary Carson in the HUD | more...

 

HUD Announces Settlement In California Fair Housing Case

The Department of Housing and Urban Development has announced a settlement in a California Fair Housing Act discrimination case. According to the FHA/HUD official site, HUD “reached an agreement with the owner and manager of a California apartment complex, resolving allegations they discriminated against tenants because of their national origin and familial status. Two related complaints filed with HUD alleged that the manager of the Four Palms Apartments in Mountain View, California, made discriminatory statements about Latino residents and prohibited their children from playing outside”. Such discrimination is not permitted under federal Fair Housing Act laws. “A family’s right to enjoy their home shouldn’t depend on where they are from or whether they have children,” said Bryan Greene, HUD’s General Deputy Assistant Secretary for Fair Housing and Equal Opportunity, who | more...

 

An FHA Mortgage Post-Bankruptcy?

Is a mortgage loan possible after bankruptcy? When it comes to FHA home loans the answer is yes, as long as the borrower meets FHA loan standards and sits out a mandatory waiting period (which may vary depending on the bankruptcy, state law, and lender standards). One reader asked a question this week about bankruptcy and FHA loans: “My credit rating is 677 as of 5/18/2017. My income is established by a job that Ive held for over 15 years. My bankruptcy was completed in July of 2011. Can I qualify for an FHA mortgage?” There are many issues at work in situations like these including whether or not the borrower has established a satisfactory pattern of credit activity following the bankruptcy action. The mandatory waiting period (under FHA standards, | more...

 
Mortgage Loan Rate Trends

Mortgage Rate Trends: Pushing Higher

Since our last report, we’ve watched an upward mortgage rate trend pushing interest rates slowly higher. Some of this is contrary to bond market activity on Thursday that would otherwise typically “help” rates. So at the moment it seems that in the very short term we’re seeing mortgage rates behave in ways they don’t normally. Why? Some market watchers point to the timing of that bond market activity-there was what industry professionals describe as “weakness” on Wednesday that caused rates to adjust higher, but the following day improvements occurred. But not all lenders modify their mortgage loan rates at the same time, so for those where rates pushed higher on Thursday, it’s possible that the timing of their adjustments is at least partly to blame. That doesn’t likely interest house | more...

 

HUD Extends 203(h) Disaster Relief For Louisiana Flood Victims

The Department of Housing and Urban Development has announced an extension of certain disaster relief help for those in certain federal disaster areas in Louisiana. According to a mortgagee letter published on the HUD/FHA official site, HUD announces, “the additional period of eligibility” for Section 203(h) mortgages, which comes as an extension of “Federal Assistance for victims of the March 13, 2016 and August 14, 2016 Presidentially-Declared Major Disaster Areas of Louisiana”. According to the HUD official site, the 203(h) program period of eligibility “is extended for case numbers assigned on or before September 8, 2017” for the following Presidentially-Declared Major Disaster Areas: -Louisiana Severe Storms and Flooding (DR-4263) declared on March 13, 2016; and -Louisiana Severe Storms and Flooding (DR-4277) declared on August 14, 2016. Normally, such assistance is | more...

 

Fair Housing Month And HUD

Fair Housing Month ends this weekend. This month-long campaign to raise awareness of Fair Housing laws is an important one, which includes measures taken by the Department of Housing and Urban Development to help house hunters and apartment seekers alike to get fair consideration when applying to find or buy a home. Those measures in 2017 include a trying to raise awareness of certain persistent types of discrimination. According to the HUD official site, one version is particularly troublesome. “Every type of discrimination robs individuals and families of their right to choose where to live, but one form of discrimination HUD is particularly active in addressing is discrimination against families with children, known as familial status discrimination.” HUD states that every year, more than ten percent of all Fair Housing | more...

 

An FHA Loan For A Flipped Home?

Is a flipped home eligible for an FHA mortgage? That’s what one reader wanted to know this week. “What are the rules for buying properties that have been ‘flipped’ meaning an investor/homeowner has purchased the property did some updates and are now attempting to sale the property.” “Are there any sort of timing requirements (i.e. a buyer cant buy before 6 months after seller has purchased property)? Also, is there any sort of maximum markup on the price the investor is attempting to sale for on the property?” FHA loan rules in HUD 4000.1 are clear on this issue. According to page 146 of HUD 4000.1, “A Property that is being resold 90 Days or fewer following the sellers date of acquisition is not eligible for an FHA-insured Mortgage.” There | more...

 

HUD Announcement On California Fair Housing Case

The Department of Housing and Urban Development announced an agreement in a fair housing case involving a group of mortgage lenders operating in California. According to a press release on HUD.gov, ” The U.S. Department of Housing and Urban Development (HUD) today announced an agreement with a group of California mortgage lenders to resolve allegations they discriminated against a mortgage applicant based on his national origin.” The press release states that allegations of Fair Housing Act violations were brought against “American Financial Network of Brea, California; Benchmark Communities of Fresno; Brigantino Enterprise of Hollister; and an employee of Benchmark Communities failed to prequalify him to purchase a home in Hollister because he is Hispanic”. Federal Fair Housing laws prohibit “discrimination in rental, sales or home lending transactions based on a | more...