HUD: Multifamily Insurance Deductibles Updated to Address Rising Costs of Wind and Storm Coverage
Revisions will reduce costs for owners while continuing to ensure that properties have adequate insurance coverage – a key element of HUD’s work to address insurance costs and ensure communities recover from disaster Today, the U.S. Department of Housing and Urban Development, through the Federal Housing Administration (FHA), updated its policies for wind and named storm insurance…
HUD: HUD Cares Tour Launches to Highlight Key Agency Milestones
This campaign will be comprised of a multi-city tour to showcase the agency’s accomplishments. Today, the Department of Housing and Urban Development officially launched the HUD Cares Tour, a multi-city tour that will highlight the agency’s key milestones and accomplishments since the beginning of the Biden-Harris administration as well as priorities for 2024. “Over the…
HUD: For the First Time in 15 Years, FHA Increases Loan Limits to Expand Financing for Manufactured Homes
Newly increased loan limits for Title I Program supports the Biden-Harris Administration’s efforts to increase the supply and use of manufactured homes as an affordable housing source. Today, the Federal Housing Administration (FHA) announced new loan limits for its Title I Manufactured Home Loan Program. The increased amounts use new methodologies for calculating and updating the program’s limits,…
HUD: Treasury & HUD Extend Initiatives to Finance the Construction and Rehabilitation of Affordable Rental Homes for Low-Income Families
Extension of risk-sharing initiative will create or rehabilitate more than 38,000 new rental homes over the next 10 years for low-income families, seniors, and persons with disabilities. Today, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury (Treasury) announced that they will indefinitely extend the Section 542(c) Housing Finance…
HUD: FHA Launches New Option to Help Struggling Borrowers Keep Their Homes
The new offering, called the Payment Supplement, will help borrowers bring their mortgage payments current and avoid foreclosure. FHA will also extend its full suite of loss mitigation options for all borrowers through April 30, 2025. The Federal Housing Administration (FHA) today announced a new loss mitigation home retention option for borrowers with FHA-insured single family forward…
HUD: FHA Proposes Enhancements to Make Home Rehabilitation Program More Effective for Homebuyers and Homeowners
Proposed changes to the 203(k) Rehabilitation Mortgage Insurance Program are designed to expand FHA-insured mortgage financing for families purchasing or refinancing single family homes in need of repair or rehabilitation. Today, the Federal Housing Administration (FHA) posted proposed changes to its 203(k) Rehabilitation Mortgage Insurance Program for industry feedback. The 203(k) program is designed to help borrowers…
HUD: FHA Helps Over 765,000 Families Buy Homes and Maintains a Strong Insurance Fund
Annual Report to Congress for fiscal year 2023 highlights impact of insurance premium reduction, assistance for approximately two million struggling homeowners, and a well-capitalized Mutual Mortgage Insurance Fund. The Federal Housing Administration (FHA) published today its annual report to Congress describing the work of its Single Family mortgage insurance programs in fiscal year 2023 and the performance…
HUD: FHA Increases Allowable Fees for Inspections of Vacant Single Family Homes
Newly updated allowable inspection fees increase compensation for inspections that determine a property’s occupancy status. The Federal Housing Administration (FHA) today announced it has increased the allowable property inspection fee limits for property inspections of single-family homes associated with defaulted FHA-insured mortgages. These inspections are a crucial component of servicers’ preservation and protection of properties. They also…
HUD: FHA Proposes Update to Home Equity Conversion Mortgage Assignment Claims Eligiblity to Strengthen Market Liquidity
Proposal posted for feedback will ensure long-term program viability and expanded availability for senior homeowners. The Federal Housing Administration (FHA) today announced it has posted for industry feedback a proposed update to its Home Equity Conversion Mortgage (HECM) assignment claims eligibility policy. The proposal enables certain categories of due and payable HECMs that were previously ineligible for…
HUD: FHA Extends Current Foreclosure Protections for Borrowers in Maui County, HI
To assist borrowers impacted by the August wildfires, mortgage servicers will be prohibited from initiating or completing foreclosure actions through May 6, 2024. The Federal Housing Administration (FHA) today announced it is extending its existing disaster-related foreclosure moratorium in Maui County, HI, through May 6, 2024, for borrowers with FHA-insured single-family mortgages, including seniors with Home Equity…