FHA extends mortgage forbearance deadline

Homeowners who have an FHA-insured mortgage and are facing financial hardship due to the COVID-19 pandemic have been given an extension until Dec. 31 to submit an initial request for forbearance. The US. Department of Housing and Urban Development said last week it has decided to extend a deadline that was originally set to expire

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HUD rule changes make it harder to obtain a cash-out refinance loan

The Department of Housing and Urban Development last week imposed limitations on cash-out refinances that will make it more difficult for homeowners to cash in on the equity they’ve built up in their homes. The HUD said on Thursday it’s lowering its loan-to-value requirements for cash-out refinances from 85% to 80%. The move means that

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HUD Approves Settlement of Fair Housing Complaint Against OneWest Bank

On July 29, 2019, the U.S. Department of Housing and Urban Development (HUD) announced that it has approved a conciliation agreement settling a Fair Housing complaint against CIT Bank, N.A., dba OneWest Bank (CIT). California Reinvestment Coalition (CRC) had accused CIT of violating the Fair Housing Act (FHA) in its positioning branch location, marketing, and mortgage

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Ask Brian: Can Buyer Benefit from a FHA Section 203(k) Mortgage?

Ask Brian is a weekly column by Real Estate Expert Brian Kline. If you have questions on real estate investing, DIY, home buying/selling, or other housing inquiries please email your questions to [email protected] Question. Suzan from Mobil, AL asks: Hello Brian. My husband and I have four children and will being having another in five

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New bill proposes cutting FHA insurance premiums for first-time buyers

Lawmakers in the U.S. House of Representatives have approved a bill that would reduce the cost of upfront mortgage insurance fees on Federal Housing Administration-sponsored loans for first-time buyers. The bill comes with a caveat however, as first-time buyers would need to undergo a housing counseling program about sustaining homeownership in order to qualify for

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HUD Charges Idaho Landlord with Familial Status Discrimination

On May 31, 2019, HUD charged the owners and manager of an Idaho rental property with violation of the familial status provisions of the Fair Housing Act (FHA). HUD alleges they refused to rent a home to a couple with seven children. What is Familial Status Discrimination? When first adopted in 1968, the FHA only

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FHA bids to clarify mortgage origination rules

The Federal Housing Adminstration is trying to boost the mortgage industry by clarifying lending certification requirements in order to create more choices for borrowers, especially first-time buyers and those from ethnic minorities. The announcement comes at a time when the number of banks that participate in the FHA’s single-family mortgage insurance program is declining. HousingWire

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FHA announces tougher underwriting standards for high-risk loans

New lending rules announced by the Federal Housing Administration this week could put as many as 50,000 mortgages a year in jeopardy, reports say. The FHA is the government body that insures mortgages for first-time buyers and also “high risk” borrowers with low credit scores and higher payments relative to their incomes. This week however,

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Borrowers are increasingly keeping up with mortgage payments, but for how long?

The number of Americans who’re keeping up with their mortgage payments has hit a twenty-year high, according to data from the Mortgage Bankers Association. The MBA notes that delinquency rates are a key measure of economic success, and are closely watched by economists. It says the last time that a significant number of borrowers stopped

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FHFA details plans to help borrowers with limited English proficiency

In an effort to overcome some of the obstacles in the way of limited English proficiency borrowers, the Federal Housing Finance agency has released a new Language Access Multi-Year Plan that lays out potential solutions.

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