HUD No.10-001 Melanie Roussell (202) 708-0980 FOR RELEASE Wednesday January 20, 2010 FHA Announces Policy Changes to Address Risk and Strengthen Finances New Measures Will Help FHA Better Manage Risk, While Maintaining Support for the Housing Market and Access for Underserved Communities WASHINGTON – Federal Housing Administration (FHA) Commissioner David Stevens today announced a set […]
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I talk to clients all of the time who would like to “move up” and take advantage of lower home prices and interest rates but they can’t sell their current home so they decide to rent it. I decided to post the FHA guidelines for just this scenario so I hope this helps. This is […]
RESPA Reform Coming Soon The Department of Housing and Urban Development (HUD) has passed new regulations amending Regulation X, the regulations that implement the Real Estate Settlement Procedures Act (RESPA). On January 1, 2010, HUD will require that lenders and mortgage brokers provide borrowers with a new standard Good Faith Estimate (GFE) that clearly discloses […]
Watch the video for some of the changes coming to FHA streamline refinances and why FHA is tightening up on their requirements. Summary of FHA Streamline Refinance changes Effective date is for case numbers issued on or after 11/18/2009 Old: Could do an FHA Streamline Refinance loan with no waiting period from current loan New: […]
As losses continue to mount for lenders and GSEs, several lenders have increased the minimum credit score required on FHA and VA loans from a 620 mid score to 640. We do still have lenders that will go as low as a 580 mid score. Stay tuned for more updates.
