HUD: 2022 Year in Review
This year, Secretary Marcia L. Fudge led the U.S. Department of Housing and Urban Development (HUD) to bold action in pursuit of the agency’s mission to create strong, sustainable, inclusive communities and quality affordable homes. These actions aligned with key Biden-Harris Administration priorities, including easing the burden of housing costs, removing barriers to homeownership, expanding…
HUD: FHA Announces New Assistance Option to Help Senior Homeowners with Reverse Mortgages Impacted by COVID-19
New COVID-19 Home Equity Conversion Mortgage Property Charge Repayment Plan allows servicers to offer homeowners up to five years to repay past-due property charges. Today, the Federal Housing Administration (FHA) is announcing new flexibilities to help senior homeowners with FHA-insured Home Equity Conversion Mortgages (HECMs) who are behind on required property charge payments due to effects of…
HUD: New FHA Single Family Title II Forward and Home Equity Conversion Mortgage Loan Limits for 2023 Announced
Today, the Federal Housing Administration (FHA) is announcing new loan limits for calendar year 2023 for its Single Family Title II forward and Home Equity Conversion Mortgage (HECM) insurance programs. Loan limits for most of the country will increase in the coming year due to house price appreciation during the first half of 2022, which is factored into the…
HUD: Flood Insurance Options Increased for Homeowners with FHA Mortgages Living in Special Flood Areas
Federal Housing Administration to allow private flood insurance policies on insured single-family mortgages in special flood hazard areas The U.S. Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), is announcing today that effective December 21, 2022, it will allow homeowners with FHA-insured mortgage financing to obtain flood insurance policies that conform to…
HUD: FHA Annual Report Showcases Continued Leadership Efforts in Affordable Housing Financing
Annual report to Congress highlights FHA’s leading role in supporting affordable home financing for first-time homebuyers and borrowers of color, providing assistance to struggling homeowners, and addressing housing supply and affordability. The Federal Housing Administration (FHA) today released its Annual Report to Congress on the financial status of its Mutual Mortgage Insurance Fund (MMI Fund), which is…
HUD: FHA Proposes to Adjust Title I Manufactured Home Loan Program Loan Limits Annually
Consistent with the Biden-Harris Administration’s Housing Supply Action Plan, today’s proposed rule sets forth a methodology for regularly adjusting the limits on loans that finance manufactured homes titled as personal property. The Federal Housing Administration (FHA) is announcing today the publication of a proposed rule in the Federal Register to increase and index the loan limits for its Title…
HUD: FHA Insures $46.9 Million Mortgage to Preserve Affordable Housing in Chicago, IL
Insurance endorsement provided by FHA preserves 272 affordable rental homes at Barbara Jean Wright Court Apartments The Federal Housing Administration (FHA) announced today that it has recently closed on a $46.9 million loan insured under FHA’s 221(d)(4) Substantial Rehabilitation Insurance program for Barbara Jean Wright Court Apartments in Chicago, Illinois. Through FHA-insured affordable mortgage financing…
HUD: FHA Takes New Step to Explore Increasing Availability of Small Balance Mortgages
Request for Information published today seeks industry input as a starting point to encourage greater origination of small balance mortgages for FHA insurance. The Federal Housing Administration (FHA) is announcing today the publication of a Request for Information (RFI) in the Federal Register seeking input on ways it can facilitate increased access to smaller balance mortgages through its Single…
HUD: FHA Expands Access to Homeownership for First-Time Homebuyers Who Have Positive Rental History
Addition of positive rental payment history in TOTAL Mortgage Scorecard assessment criteria supports greater opportunity for first-time homebuyers to qualify for affordable FHA-insured mortgage financing. The Federal Housing Administration (FHA) is announcing today that it will begin to permit inclusion of a first-time homebuyer’s positive rental payment history as an additional factor in the credit assessment performed…
HUD: FHA Increases Frequency of Allowable Surplus Cash Distributions to Multifamily Borrowers
New requirements published today will free up capital more frequently for future multifamily development and align FHA requirements with industry practice The Federal Housing Administration (FHA) announced today that it is increasing the frequency of allowable distributions of surplus cash to borrowers with most FHA-insured Multifamily mortgages from two times per accounting year to up to monthly…