September 21, 2021

Vimeo Channel YouTube Channel

Articles Tagged With: FHA Loan Rules

HUD

HUD Announces Fair Housing Discrimination Case In Missouri

If you have ever experienced discrimination while looking for a place to rent or buy as your primary residence, the Department of Housing and Urban Development wants to hear from you. Know your Fair Housing rights–you might not know when you’ll need to use them. The U.S. Department of Housing and Urban Development announced it is bringing charges of housing discrimination against conservators of the Felder Peter King Estate of Ward Protectee, the Estate, and the owners and property manager of duplex and triplex apartments in St. Charles, Missouri. The charges involve alleged housing discrimination “for allegedly refusing to rent an apartment to a prospective tenant because he has two children” Fair Housing Act laws do not permit landlords to deny applicants housing on the basis of family status including | more...

 
Is your credit ready for an FHA loan?

What’s In Your Mortgage?

If you are new to the home buying process and are still house hunting, chances are good you might not be thinking about the ups and downs of your monthly mortgage payment.  Some find it difficult to wade through home loan paperwork–there is a lot of print and fine print to digest in the best of times. What should you expect from your monthly mortgage bill and what do you do if you find errors or other issues on your monthly statements long after the loan has closed? The Consumer Financial Protection Bureau or CFPB advises consumers to carefully review their monthly mortgage statement. You will want to review the following sections for accuracy each month and to make sure there are no surprises: Customer service contact information the lender/servicer | more...

 
HUD Disaster Resources

Your FHA Mortgage And Natural Disasters In 2021

In the early days of the month of September, the FHA and HUD have made a number of announcements regarding disaster relief for portions of the country that have experienced fires, floods, and hurricanes. The agencies have, from the start of September to September 10, 2021, issued no fewer than seven announcements related to disaster relief. The first of those, dated September 1, 2021, includes the following related to disaster relief measures for those who are in presidentially declared federal disaster areas: Foreclosure relief – There is an automatic 90-day moratorium on foreclosures of Federal Housing Administration (FHA)-insured home mortgages beginning on  the date of the major disaster declaration; Call the FHA Resource Center at 1-800-304-9320 for assistance FHA Rehab Loans — FHA Section 203(h) Rehabilitation Loans for disaster victims | more...

 
Low Mortgage Rates and Refinance Options

FHA Home Loan Pre-Approval: Issues To Consider

Getting mortgage pre-approval is an important step in the home buyer journey. It indicates to the seller and to a lender that you are serious about your home loan and that you are ready to commit to the right property and the right price. So what should you know about mortgage pre-approval before you apply? There are some basic questions to ask yourself before you start filling out the forms to get pre-approved. Getting pre-approved for an FHA home loan means asking yourself how good your credit score is and how high your credit card balances are. It’s best to start asking these questions far in advance of your home loan so that you have ample time to work on your credit issues where they might exist, and also so | more...

 
HUD Announces Changes To Exterior-Only Appraisal Guidelines For FHA Purchase Loans

HUD Charges Florida Condo Owner’s Association With Fair Housing Act Violations

There are many different forms of housing discrimination and such violations of federal law can happen at any stage of the housing process. That means you can find examples of violations of the Fair Housing Act in many other places besides the rental application process, the home loan application process, or even the refinance loan system. Did you know that housing discrimination cases are also found in areas such as the decisions of homeowner’s associations? That’s an area that doesn’t get discussed much in home loan circles, but violations of the Fair Housing Act have disastrous effects for those who seek housing. One good example of this is found in a September 2021 press release at the Department of Housing and Urban Development’s official site announcing charges against a condo | more...

 
Low Mortgage Rates and Refinance Options

Mistakes First-Time Homebuyers Make

If you are a first-time homebuyer, there are some pitfalls and mistakes you should definitely try to avoid as you enter into the process of planning, saving, and applying for a loan to purchase a new home. What kinds of mistakes do we mean?  There is the usual Home Loans 101 type advice you read in every single finance blog ever written–don’t be careless with your credit, don’t apply for new credit while you are trying to apply for a home loan, and don’t start house hunting in earnest without home loan preapproval. But what about some of the less-obvious mistakes first-time homebuyers make? The ones you won’t find in some other online home loan blogs or advice centers? First-time homebuyers sometimes overlook critical expenses in the planning and saving | more...

 
FHA Home Loan

Home Loan Advice From TransUnion

Credit issues are among the biggest worries for many FHA loan applicants. Are you concerned that you aren’t fully prepared for a home loan application? If you tackle home loan issues early enough, you can get much closer to home loan approval. We regularly encourage readers to check their credit scores, read and monitor their credit reports, and be extra-vigilant about checking those credit reports all the way until the loan closes. One of the reasons why we do that?  Your lender will not check your credit ONCE during the home loan process–your credit may be reviewed multiple times. And that is one very good reason to keep checking your credit reports, too. And while we’re talking about credit reports, why not take some advice from the very agencies responsible | more...

 
FHA Condo Loan Basics You Should Know

Home Loan Rules New Buyers Should Know

Your participating lender will have a set of guidelines to follow for your loan including certain restrictions on the source of your down payment funds. Did you know that FHA loan rules forbid the seller of the home from contributing toward the borrower’s down payment? That is a very important rule a first-time homebuyer should know when thinking about applying for home loans. But it doesn’t end there. Your seller IS permitted to offer assistance with closing costs, and those funds will be applied to approved expenses related to your home loan. The seller is allowed to contribute up to six percent of the sale price of the home (for some mortgages like VA loans, this amount may be less) toward your costs to close. But the seller is NOT | more...

 
Buying A Home With A Lower Credit Score

Rent Or Buy?

Are you tired of paying rent, answering to landlords, and trying to maintain your living space while trying to be mindful of thin walls, sensitive neighbors, or other concerns associated with living in an apartment complex or other rental situations? One way to get closer to a decision is to use a rent vs. buy calculator or to run your own numbers using similar data.  You’ll need a typical home price for the local area to calculate a mortgage payment (using principal, interest, property taxes and any applicable homeowners association fees) and compare it to how much you pay in rent, renter’s insurance, etc. You can use a rent vs. buy calculator to give yourself a good idea of how the basic numbers compare. But there are a few variables | more...

 
FHA And HUD

HUD and FHFA Announce Historic Partnership

The Department of Housing and Urban Development has announced a major partnership with the Federal Housing Finance Agency (FHFA) to further the cause of fair housing and the enforcement of the federal law known as the Fair Housing Act. The FHFA is an important agency–it serves as the “primary regulator” for federal home loan banks. According to HUD.gov, FHFA has “broad statutory authority to supervise the regulated entities, including authority to monitor and gather information and conduct supervisory examinations, and enforce compliance with applicable law.” FHFA is responsible for oversight of: Fannie Mae Freddie Mac  Federal Home Loan Banks The two agencies have agreed to a Memorandum of Understanding which has both HUD and FHFA working to “enhance” the enforcement of Fair Housing Act laws.  This is intended to help | more...