October 16, 2019

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Articles Tagged With: FHA Loan News

HUD Announces Expanded Disaster Relief Options

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...

 
Home Values Dropping: FHA Loan Rules You Should Know

How To Find The Right Mortgage

First-time home buyers often aren’t sure what to look for when it comes to choosing the right mortgage loan. You can have a real estate agent help you with MLS listings to find the right type of home, you can compare participating FHA lenders to see which ones offer the best mortgage loan interest rates, and you can select from a variety of options with the mortgage itself. Choose The Right Mortgage Loan For Your Needs The family that needs to relocate to a new area for a job move does not have the same immediate needs as someone interested in buying a fixer-upper home with an rehabilitation loan. Your needs and financial goals will play an important part in the type of mortgage loan you choose. FHA Home Loans | more...

 
HUD Announces Important Change To FHA Cash-Out Refinance Loan Program

FHA Loans And The 2019 Government Shutdown

At the time of this writing, the partial government shutdown continues and we are seeing more headlines about the services affected, including certain kinds of home loans. Specifically, home loan applicants seeking USDA mortgages are locked out of the process for the duration of the shutdown according to a variety of sources. Some potential USDA borrowers were caught in the middle of their transactions when the government shut down, and the media reports stories of those left more or less in limbo until the current situation is resolved. So what does this mean for FHA mortgage loans? FHA Mortgage Loans Are Still Available During The Government Shutdown Forward mortgages will continue to be serviced during the shutdown as previously reported here and elsewhere. But there are some important things you | more...

 
FHA Announces Revisions To FHA Reverse Mortgage Policies

FHA Announces Foreclosure Avoidance Help For Federal Disaster Areas

The FHA has announced extended foreclosure relief measures for those in qualifying federal disaster areas. According to a press release on the FHA official site, new guidance for participating FHA lenders will apply for those affected by a wide range of natural disasters including: Louisiana (Hurricane Harvey) DR-4345 Texas (Hurricane Harvey) DR-4332 Florida (Hurricane Irma) DR-4337 Georgia (Hurricane Irma) DR-4338 Puerto Rico (Hurricane Irma) DR-4336 South Carolina (Hurricane Irma) DR-4346 Virgin Islands (Hurricane Irma) DR-4335 Puerto Rico (Hurricane Maria) DR-4339 Virgin Islands (Hurricane Maria) DR-4340 California (Wildfires) DR-4344 or California (Wildfires, Flooding, Mud Flows, Debris Flows) FEMA-DR-4353 There is a lengthy description of some of the new program changes (which we will cover in another blog post) but one of the most important developments included in the FHA announcement has | more...

 
HUD Announces Important Change To FHA Cash-Out Refinance Loan Program

HUD Announces Major Review Of Manufactured Housing Rules

The Department of Housing and Urban Development has issued a press release announcing a major review of manufactured housing rules. According to the HUD official site, the agency is in the public comment period prior to “a top-to-bottom review of its manufactured housing rules as part of a broader effort to identify regulations that may be ineffective, overly burdensome, or excessively costly given the critical need for affordable housing.” For the next 30 days, the agency says it will accept public comments “to identify existing or planned manufactured housing regulatory actions to assess their actual and potential compliance costs and whether those costs are justified against the backdrop of the nation’s shortage of affordable housing”. General changes in manufactured housing regulations may not seem to have anything to do with | more...

 
Can I Refinance An Inherited Home With An FHA Cash-Out Refi Loan?

Higher FHA Loan Limits For 2018

The FHA has announced FHA loan limits for 2018, and the new numbers mean good news for those looking to buy a home in the new year. The “national conforming loan limit” for 2018 is set at $453,100, up from last year’s limit of $424,100 (see below). The higher limit means more potential borrowing power for qualified FHA loan applicants. According to the announcement on the FHA official site, there are higher limits for 2018. The Federal Housing Administration calculates “forward mortgage limits based on the median house prices in accordance with the National Housing Act. FHA’s Single Family forward mortgage limits are set by Metropolitan Statistical Area (MSA) and county and are published periodically.” The FHA sets loan limits “at or between the low cost area and high cost | more...

 
HUD Announces Fair Housing Charges Against Colorado Landlords

FHA Revises Policy On PACE Assesments

The FHA has revised its’ policy on home loans for properties encumbered by Property Assessed Clean Energy (PACE) obligations. According to the FHA official site, in 2016 the agency “established requirements regarding the eligibility for FHA-insured mortgages of properties encumbered with PACE obligations that permitted, under some circumstances, a continuing obligation for repayment of the PACE obligation even after foreclosure and acquisition by FHA.” But that policy has since come under review due to concerns “for increased losses to the Mutual Mortgage Insurance Fund due to the priority lien status given to such assessments in the case of default.” According to the official site, the agency “is also concerned with the lack of consumer protections associated with the origination of the PACE assessment, which are far less comprehensive than that | more...

 
FHA Loan Rules For Loan Approval: Federal Debts and Tax Liens

FHA Loan Rules For Loan Approval: Federal Debts and Tax Liens

FHA loan rules for loan approval include instructions to the lender about unpaid federal debts and tax liens. Your chosen participating FHA lender is responsible for verifying your income, employment record, and your monthly financial obligations-which may include tax obligations such as a lien, or a federal debt. Unresolved taxes and federal debt can be a serious issue that will affect a home loan application. The status of such debt is one of the most important factors. According to HUD 4000.1, “Mortgagees are prohibited from processing an application for an FHA-insured Mortgage for Borrowers with delinquent federal non-tax debt, including deficiency Judgments and other debt associated with past FHA-insured Mortgages.” The FHA loan rules in this section also add that the lender is required to determine “whether the Borrower(s) have | more...

 
FHA Announces Revisions To FHA Reverse Mortgage Policies

HUD Makes Disaster Relief Available For California Wildfire Victims

The Department of Housing and Urban Development has announced disaster relief for victims of California wildfires, following a presidential declaration of federal disaster areas in the state. According to a press release published on the HUD/FHA official site, “HUD will speed federal disaster assistance to the State of California and provide support to homeowners and low-income renters forced from their homes due to wildfires” in the counties affected by the major disaster declaration. Those counties include: Butte Lake Mendocino Napa Nevada Orange Sonoma Yuba Those in federally declared disaster areas are eligible for a variety of measures from the FHA and HUD including FHA loan foreclosure relief in the form of a 90-day moratorium for all FHA mortgage foreclosure actions in the affected areas. Home owners may also be eligible | more...

 
HUD Brings Fair Housing Act Charges Against New York Landlord

HUD Takes Measures To Speed Up Hurricane Recovery Efforts

HUD has announced it is taking measures to speed up hurricane recovery efforts through a series of red tape-cutting waivers that affect regulatory and administrative procedures. According to a press release on the official site, a set of 19 waivers have been created, intended to help communities “to accelerate their recovery from Hurricanes Harvey, Irma and Maria. While HUD granted a number of individual waivers following disasters in the past, today’s announcement represents one of the largest collections of regulatory and administrative waivers ever issued by the Department at one time” according to the HUD official site. A variety of programs are affected by these new waivers. They include: The Community Development Block Grant (CDBG) Program HOME Investment Partnerships (HOME) Program Housing Opportunities for Persons with AIDS (HOPWA) Program Emergency | more...