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…
HUD: FHA Expands Access to Mortgage Financing for Homes that Have or Will Include Accessory Dwelling Units
New Accessory Dwelling Unit policy provides expanded financing options for borrowers and reinforces Biden-Harris Administration housing supply and homeownership goals The U.S. Department of Housing and Urban Development, through the Federal Housing Administration (FHA), today announced a new policy which allows lenders to count income from small units of housing built inside, attached to, or…
HUD: Federal Housing Agencies Issue Reminder of Mortgage Assistance for Those Impacted by the Maui Wildfires
Today, Federal Housing Agencies – Government National Mortgage Association (Ginnie Mae), Federal Housing Administration (FHA), Federal Housing Finance Agency (FHFA), United States Department of Agriculture (USDA), and United States Department of Veterans Affairs (Veterans Affairs) – issued the following joint statement pledging their offices’ ongoing support for Hawaiian residents affected by the devastating wildfires on…
HUD: FHA Increases Dollar Amount Threshold for Large Multifamily Loans to Be Eligible for Standard Underwriting
Change facilitates greater flexibility for lenders when underwriting Multifamily transactions up to $120 million. The Federal Housing Administration (FHA) today published a Mortgagee Letter that increases the threshold at which a Multifamily loan is considered a Large Loan from $75 million to $120 million. This is the first increase in the threshold since 2014 and will enable…
HUD: FHA to Require Use of Supplemental Consumer Information Form
Information will support a greater understanding of borrower language preferences and use of housing counseling or homebuyer education offerings. Today, the Federal Housing Administration (FHA) is announcing that it will require lenders to use the Supplemental Consumer Information Form (SCIF) when originating mortgages for FHA insurance. The SCIF (Fannie Mae/Freddie Mac Form 1103) is an industry-recognized form…
HUD: FHA Launches New Resources to Remove Language Barriers for Borrowers
Multi-language translations of single family mortgage documents offer new resources for lenders and servicers when working with borrowers with limited English proficiency. Today, the Federal Housing Administration (FHA) is making available in Chinese, Korean, Spanish, Tagalog, and Vietnamese more than 30 single family mortgage documents and related resources used in the origination of FHA-insured mortgages….
HUD: FHA Proposes Innovative Approach to Keep Struggling Homeowners in their Homes
In consideration of steeply increased interest rates, FHA seeks input on new approach to help its borrowers Today, the Federal Housing Administration (FHA) posted for feedback a proposal for a new home retention option to help struggling homeowners meet their mortgage obligations. The new option, called the Payment Supplement Partial Claim, would allow mortgage servicers to use…
HUD: FHA Finalizes Policies to Expedite Claims Processing for Home Equity Conversion Mortgages
New policies are expected to shorten the timeframe for mortgagees to receive Home Equity Conversion Mortgage assignment funds. Today, the Federal Housing Administration (FHA) is announcing new policies that will allow for faster payment of funds to mortgagees when they assign a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, to HUD. The changes…