FHA

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…

HUD: FHA Changes Appraisal Requirements for Certain Manufactured Homes to Enhance Financing Flexibility for Borrowers

Updated requirements for valuation of manufactured homes contribute to FHA’s efforts to increase the availability and affordability of manufactured housing as part of the Biden-Harris Administration’s Housing Supply Action Plan. The Federal Housing Administration (FHA) today announced the publication of updated appraisal requirements for the valuation of manufactured homes certified under Fannie Mae’s MH AdvantageTM and Freddie Mac’s…

HUD: FHA Proposes New Enhancements to Home Equity Conversion Mortgage Program

HUD is seeking public feedback on proposals to improve program’s stability for senior homeowners. The Federal Housing Administration (FHA) today announced it has posted for industry feedback a set of proposed policy updates to its Home Equity Conversion Mortgage (HECM) program designed to improve program stability and to respond to changing market conditions. These measures reaffirm FHA’s…

HUD: FHA Publishes Comprehensive Guidance for the Home Equity Conversion Mortgage Program

Newly published chapters of the Single Family Housing Policy Handbook provide a central source of information to enhance program delivery for seniors choosing to age in place in their own homes The Federal Housing Administration (FHA) today announced the publication of consolidated and comprehensive policies for its Home Equity Conversion Mortgage (HECM) program, and the inclusion of…