July 21, 2019

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Articles Tagged With: FHA and HUD

Fair Housing: HUD Partners With John Marshall Law School

Fair Housing: HUD Partners With John Marshall Law School

The Fair Housing Act is an important law that requires those at every stage of the housing process to provide discrimination-free practices. The Department of Housing and Urban Development is at the forefront of efforts to insure fair housing, but the agency wants to do more than just act as the enforcement arm of Fair Housing law whether applicable to borrowers and house hunters or to those looking for rental properties. HUD recently announced a partnership with the John Marshall Law School in Chicago, and Cloudburst Consulting Group, Inc., to develop the National Fair Housing Training Academy (NFHTA). According to a press release on the HUD official site, this academy “will prepare fair housing advocates, lawyers, investigators, and other stakeholders on effective strategies and techniques for addressing discriminatory housing policies | more...

 
HUD Charges Maine Apartment Owners With Fair Housing Act Violations

HUD Charges Maine Apartment Owners With Fair Housing Act Violations

Violations of the Fair Housing Act can seriously compromise a house hunter’s ability to find and keep housing. Even discrimination at the rental level can affect the ability to buy a home-how is someone supposed to rent an apartment in the meantime while dealing with discrimination? We report on these issues to raise awareness of how Fair Housing Act laws make house hunting more accessible and how violations of these laws hinder the consumer. In a recent example, the U.S. Department of Housing and Urban Development has announced charges against Roderick Apartments in Clinton, Maine for alleged violations of the Fair Housing Act. These charges are associated with a complaint that the apartment owners denied a veteran with disabilities to keep an assistance animal on the property. Fair Housing Act | more...

 
FHA Home Loan Down Payment Assistance

FHA Home Loan Down Payment Assistance

The down payment is one of the daunting things for first-time home buyers-coming up with the cash to put the minimum required 3.5% (of the adjusted value of the home) may seem like an uphill task, but fortunately the FHA loan program guidelines permit the use of approved down payment assistance programs. These programs are not offered by the Department of Housing and Urban Development; potential borrowers will need to seek out these down payment assistance programs in their local area. The rules the FHA provides to organizations wishing to offer down payment assistance includes the requirement that down payment gifts or grants must not come with an expectation of repayment. They also include the requirement that such funds be properly sourced and transferred to the borrower. But FHA rules | more...

 
HUD Charges Maine Apartment Owners With Fair Housing Act Violations

HUD Brings Fair Housing Act Charges Against Minnesota Landlords

Housing discrimination can affect potential borrowers and renters at any stage in the house-hunting or home seeking process. Discrimination in rental housing can negatively affect the attempt to find and buy a home in cases where the victim needs to rent a unit while still looking for a house to purchase with a mortgage loan. Housing discrimination of any kind whether in renting or buying is prohibited by federal law. The Department of Housing and Urban Development recently announced charges against Minneapolis landlords in a Fair Housing Act case involving a rental unit denied to tenants over reasonable accommodation issues. The HUD official site published a press release alleging that the owners “refused to allow a single mother to live with an assistance animal, a cat, for her oldest daughter, | more...

 
Top Tips For FHA One-Time Close Mortgages

Five Tips For FHA One-Time Close Mortgages

One-Time Close Construction Loans May Take Longer To Close Than A Purchase Loan For Existing Construction You should discuss the amount of time your FHA OTC loan might take with the seller of the land if you are purchasing land and building the home. Timelines may be very important depending on circumstances. Find out how long the loan may take to close in your area and discuss this with the seller to see if the time frame is acceptable. Contractors For One-Time Close Construction Loans / Single-Close Construction Loans FHA construction loans include certain lender requirements that can vary depending on the lender. Borrowers should anticipate having to hire an outside contractor rather than trying to do the work personally. The builder and borrower will have to work together to | more...

 
FHA Home Loans And Flood Hazard Areas

Should Homeowners Turn Into Real Estate Investors?

If you are thinking about buying real estate with an FHA mortgage loan you may have run across some trends in recent times addressing the topic of ordinary home owners becoming real estate investors. Is this something that is possible with an FHA single-family mortgage loan? The first thing you need to know about buying real estate with an FHA mortgage is that FHA single-family home loans are for owner-occupiers only. The occupancy requirement is non-negotiable for a new purchase home loan guaranteed by the FHA. There is no FHA loan rule against buying a multi-unit property and renting out the unused living units. Borrowers are free to do so since you can buy a home with as many as four units with an FHA mortgage. But what you cannot | more...

 
Don't Make These Home Loan Mistakes

Don’t Make These Home Loan Mistakes

Buying a home for the first time is stressful, but there are things you can do as a first-time buyer that will help. Avoid these big mistakes when planning your mortgage. Don’t Change Jobs Before Your Mortgage Closes This advice does not apply to everyone, but it does for those who are contemplating changing the nature of their employment from having a boss and a traditional workplace to a freelance, contract, or per-project type work. There are different FHA home loan rules for non-traditional employment, freelance jobs, commission income, etc. If you were working in a typical job at the start of the home loan application process and are tempted to switch to contract, freelance, or commission work, your job switch could hinder your mortgage loan process since the income | more...

 
HUD Announces Charges In Idaho Fair Housing Case

HUD Announces Charges In Idaho Fair Housing Case

April was Fair Housing Month, and while HUD’s annual push to raise awareness of housing laws in the United States has come and gone, the agency prosecutes Fair Housing cases year round. One the most recent; the U.S. Department of Housing and Urban Development (HUD) announced charges of Fair Housing Act violations against the owners and manager of a rental home in Nampa, Idaho. HUD’s case alleges that a married couple was refused a rental property there because they have children. The Fair Housing Act makes it a crime to “deny or limit housing because a family has children under the age of 18, make statements that discriminate against families with children, and impose different rules, restriction and policies on them” according to the HUD announcement at HUD.gov. “Denying a | more...

 
FHA First-Time Home Buyer Loans

FHA First Time Home Buyer Loans

How can the FHA home loan program help first-time home buyers? Some perks of an FHA mortgage are central to the home loan program itself, while others may be offered by lenders as an incentive to use that financial institution for your FHA home loan. FHA Home Loans For First-Time Buyers: Low Down Payments The FHA home loan program requires only 3.5% minimum for borrowers with qualifying FICO scores. FHA loan requirements say FICO scores as low as 580 can technically qualify for the lowest down payment, but you will need to check with a participating lender to see what standards may apply above the FHA minimums. Those with credit scores lower than 580 may still technically qualify for an FHA mortgage loan but at a higher down payment. FHA | more...

 
FHA Loan Tips

FHA Home Loan Tips

FHA Mortgages: Lower Down Payment Requirements And Not Just For First-Time Home Buyers FHA loans require 3.5% of the adjusted value of the home as a down payment unless your credit does not meet the loan program requirements or lender standards. Borrowers with FICO scores of 580 or higher technically qualify for the lowest possible down payment but you will need to check lender requirements since they are not the same from one financial institution to another. FHA Mortgages: Down Payment Assistance IS Permitted You can get help from family, friends, employers, or other third parties-they can provide gift funds for the down payment. FHA loan rules say you can only get down payment help from those with no financial stake in the outcome of the transaction. ALL down payment | more...