hud: President Obama's Housing Plan Gets Mixed Reviews - 02/03/12 11:36 AM
In his State of the Union speech last week, President Obama called for an end to the red tape that plagues underwater homeowners looking to refinance.
According to the new mortgage refinance plan the White House plans to send to Congress, big banks would be forced to foot the bill, which could total anywhere from $5 billion to $10 billion. The plan would allow private-label mortgages - not those guaranteed by Freddie and Fannie - to refinance through the Federal Housing Administration (HUD).
In a speech at Falls Church, Va., on Wednesday, President Obama said:
"I want to be clear. This … (0 comments)
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hud: HUD Announces Pilot Program to Help Homeowners Pay For Energy Improvements to Their Homes - 11/10/10 02:29 PM
The Department of U.S. Housing and Urban Development has teamed with the Federal Housing Administration on a pilot program for homeowners making energy-efficient home improvements.
The program, dubbed FHA PowerSaver, offers home improvement loans for homeowners looking to add green improvements to their homes.
The program hopes to encourage green technology and expand green job opportunities in the United States. The $25,000 loans cover green home technology from solar panels to energy efficient doors and windows.
The program is looking for mortgage lenders to join a two year pilot program.
Lenders will be selected to participate based on their capacity … (1 comments)
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hud: 4 Tips for Buying a HUD Home - 10/29/10 12:41 PM
Buying a HUD home can be tricky: finding the perfect agent, property, and online auction. Of course, the deals may outweigh the complications for some home buyers.
A HUD home is nothing more than a house that was purchased with an FHA loan that has since fallen into foreclosure.
(I'm not sure why these homes aren't called "FHA Foreclosures," which would be more intuitive for home buyers and investors, but the Department of Housing and Urban Development is the federal office that takes ultimate responsibility for FHA and its home loans gone wrong.)
Buying a HUD home is different from … (0 comments)
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hud: Sexual Discrimination By Mortgage Lenders - 08/03/10 10:57 AM
Are mortgage lenders defying federal fair housing laws by denying home loans to pregnant women, new moms and their partners or spouses?
In a recent story, the New York Times wrote about how mortgage lenders had tightened loan requirements so much that new mothers who were at home on short-term disability were denied a loan because their disability income was less than their full-time income.
The story was astonishing, as federal law prohibits sex discrimination. The action also seemed to run afoul of fair housing laws.
The Department of Housing and Urban Development (HUD) took note and on July 21, … (2 comments)
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hud: Debt-to-Equity Ratios Rising - 07/19/10 12:01 PM
Sharon called my radio show a few weeks back. Her real estate broker had taken her to see a HUD home (which is nothing more than an FHA foreclosure). She could buy the house with only $100 down, but she'd have to pay $9,000 in closing costs. The house was priced at just $102,000.
Something didn't smell quite right. The Federal Housing Administration (FHA) does offer a program called the $100 Down Payment Incentive that's designed to help the Department of Housing and Urban Development (HUD) get rid of unsold HUD homes.
In other words, no matter how much the … (1 comments)
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hud: Identity Theft Possible With HUD Home Sale - 04/19/10 11:46 AM
Identity theft scams are taking the form of HUD home sales. Don't let the promise of a great deal on HUD home lure you into falling for ID theft. Even with a HUD home, which is just a home with an FHA loan that has gone into foreclosure, you still need to perform your due diligence as a home buyer.
Use a real estate agent who is licensed to sell FHA loans and have a real estate attorney check on the validity of the sale and the real estate agent. As always, be very careful of giving your Social Security number … (0 comments)
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hud: FHA Increases Net Worth Requirements For Lenders - 04/16/10 11:24 AM
The Federal Housing Administration (FHA) recently announced it will increase regulations to the net worth requirements of FHA-approved lenders. Other policy changes aiming to reinforce the FHA’s risk management function includes holding lenders liable for oversight of mortgage brokers, and hiring a Chief Risk Officer for the first time in FHA’s 75-year history.
Since 1993, the FHA required lenders to have a net worth minimum of $250,000. All new applicants must possess at least $1 million.
Read the full press release from the Department of Housing and Urban Development (HUD) on the full ThinkGlink.com story.
… (1 comments)
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hud: 67 Mortgage Lenders Failed To Meet Criteria For FHA Recertification - 02/09/10 05:05 PM
Taylor, Bean and Whitaker Mortgage Companies of Ocala, Fl had their FHA approval to grant loans suspended in early August. Its shutdown resulted in hundreds of thousands of homeowners being thrown into a mess of confusion, including bounced checks from Taylor Bean, and misleading information on which lenders took over Taylor, Bean and Whitaker loans.
Taylor Bean hasn't been the only one to have their certification revoked. The Department of Housing and Urban Development’s (HUD) Mortgagee Review Board from July 10, 2008 to August 4, 2009, reveals nearly 200 mortgage companies settled actions, paid civil money penalties, had their FHA approvals … (0 comments)
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hud: 6 Ways FHA Loan Requirements Are Changing - 12/10/09 11:15 AM
The real estate market is still in crisis. FHA reserves are falling and the FHA needs for determine how to handle its loan portfolio and future loans. With the continuing high unemployment rate, more homeowners are at risk of losing their homes. With more homes going into foreclosure, FHA stands to lose more money. What will FHA do to in the ever changing real estate market?
The Federal Housing Administration (FHA) isn’t broke – but its reserves aren’t quite where they’re supposed to be either.
FHA’s capital reserves are supposed to be 2 percent of the outstanding loans. According to the … (4 comments)
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hud: Mortgage Loan Modification Hell? Here's What The Obama Administration Is Doing To Help You - 12/07/09 04:49 PM
Mortgage Loan Modification Hell? Here's What The Obama Administration Is Doing To Help You. The Obama Administration kicked off its nationwide campaign to help borrowers who are in the trial phase of mortgage modification get their loans converted to permanent modification status. The goal is to have at least 375,000 borrowers converted to permanent loan modification status by the end of the year. HUD will introduce new tools and outreach to get borrowers to send in complete mortgage loan documentation.
The Mortgage Modification Conversion Drive will include:
Mortgage Loan Servicer Accountability Web Tools For Mortgage Loan Borrowers Read the full story … (2 comments)
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hud: FHA Cash Reserves Fall To Lowest In History - 11/12/09 03:55 PM
The Federal Housing Administration's mortgage insurance cash reserves fell to the lowest levels in recorded history, 0.53 percent. The FHA announced today FHA cash reserve levels have fallen below the congressionally mandated threshold. The annual independent accounting survey of the FHA came with the assessment that additional action needed to be taken to manage risk to prevent further losses.
The losses are attributed to a record drop in the housing market. FHA has stepped in to provide additional sources of funding for mortgage finance as private sources of funding have dried up. In the second quarter of 2009, nearly 50 percent … (1 comments)
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hud: Questions for HUD Secretary Shaun Donovan - 06/20/09 06:10 PM
Shaun Donovan, Secretary of the Department of Housing and Urban Development (HUD), spoke to a members of the National Association of Real Estate Editors yesterday afternoon in Washington, D.C. A copy of his prepared remarks can be seen here. After he made his prepared remarks, Donovan took questions from the media.
Question: Why Make Preventing Foreclosures the Top Priority? Q: There’s a lot of emphasis on preventing foreclosures. But if you let foreclosures happen now, perhaps you’re not delaying the inevitable. You’ll also make houses cheaper, which will make them more affordable for buyers. Why make preventing foreclosures the first priority? … (0 comments)
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hud: HUD Secretary Shaun Donovan Speaks To National Association Of Real Estate Editors - 06/18/09 06:16 PM
Secretary of Housing and Urban Development Shaun Donovan spoke at the National Association of Real Estate Editors Annual Conference. Secretary Donovan spoke about how HUD is involved in President Obama's plans for the economic crisis and the Making Home Affordable act, FHA reform and how that will affect the housing markets, consumer protection, and building more sustainable communities. The transcript of the speech is below. See the blog for more details from Ilyce at the National Association of Real Estate Editors conference.
Prepared Remarks for Secretary of Housing and Urban Development Shaun Donovan at the National Association of Real Estate Editors … (0 comments)
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hud: Reverse Mortgages Need More Regulation, The Comptroller of the Currency Says - 06/08/09 05:42 PM
Comptroller Dugan Urges More Consumer Protections for Reverse Mortgages ORLANDO — Comptroller of the Currency John C. Dugan warned today that reverse mortgages pose significant compliance risks and said regulators should get out in front of this issue, before real problems develop, so that these loans are made “in a way that is prudent for both lenders and borrowers.”
“While reverse mortgages can provide real benefits, they also have some of the same characteristics as the riskiest types of subprime mortgages – and that should set off alarm bells,” Comptroller Dugan said. The experience with subprime mortgages “clearly demonstrates the link … (0 comments)
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hud: $8,000 First Time Buyer Tax Credit Mortgagee Letter - 06/02/09 05:21 PM
On May 29, 2009, U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan issued guidance that allows first-time buyers who get an FHA loan to "monetize" the $8,000 first-time home buyer tax credit. In short, you can now apply the $8,000 tax credit to your FHA loan closing costs. This page reprints the FHA's Mortgagee Letter that describes the program and tells what lenders have to do before they allow first-time buyers to monetize the tax credit. The letter is signed by Brian Montgomery, Assistant Secretary for Housing-Federal Housing Commissioner.
May 29, 2009
MORTGAGEE LETTER 2009-15 TO: ALL APPROVED … (1 comments)
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hud: HUD: Summar of the New HOPE for Homeowners Amendment - 05/20/09 08:02 PM
Summary of S. 896, the Helping Families Save Their Homes Act of 2009
HOPE for Homeowners: The bill amends the HOPE for Homeowners Program, to (a) permit reduction of excessive fee levels, (b) provide greater incentives for mortgage servicers to engage in modifications under the Program, and (c) reduce administrative burdens to loan underwriters by making the requirements more consistent with standard FHA practices. Specifically, the bill would:
Put the HUD Secretary in charge of running the program, relegating the Program Board’s role to an advisory capacity
Change the upfront fee from 3% to “up to 3%.”
Change the annual fee … (0 comments)
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hud: Credit Score Requirements More Strict For Mortgage Loan - 04/17/09 06:22 PM
You may think that having a credit score of at least 700 and a down payment of almost 5 percent will help you buy a home in this home buying environment. But lenders have tightened credit requirements for obtaining a mortgage when you're buying a home.
You may still be able to get an affordable mortgage through the FHA, which has lower down payment requirements. You may discover you're better off waiting until you have improved your credit score and saved more money for a down payment.
Question: My fiancé and I want to buy a condo for $160,000. I am … (1 comments)
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