Happy Friday! FHA Property Flip Guidelines (Please note that agency/conventional loans do not necessarily have these rules, but many lenders have overlays that do have these restrictions...jumbos, some do some don't...always check with me first-our Fannie/Freddie Direct products/conventional, typically allow flipped properties) Once upon a time FHA didn’t have a … [Read more...] about FHA Property Flip Guidelines
HUD SUSPENDS MIP REDUCTION The Department of Housing and Urban Development (HUD) announced today that the recent Reduction of Mortgage Insurance Premiums (MIP), outlined in FHA Letter 2017-01 were suspended. According to posted information from Housing Wire, the letter stated that a subsequent Mortgagee Letter will be issued at a later date should this suspension or policy … [Read more...] about Alert: Reduced FHA Insurance Premiums Repealed
In the last 72 hours I sent an e-mail to all my clients, consumers as well as professionals, in order to alert seniors, specifically those 62 or over, about the NEW FINANCIAL ASSESSMENT RULES for REVERSE MORTGAGES. Everyone has family, friends, neighbors, or associates that may be impacted. The new rules were to take effect March 2, but have been postponed 30-60 days. … [Read more...] about Reverse Mortgage Rules Take Effect March 2nd, 2015
If you had an FHA-insured mortgage, you may be eligible for a refund from HUD/FHA. Due to increased public interest, the Mortgage Insurance Premium Refund Support Service Center is experiencing a high volume of calls. http://www.hud.gov/offices/hsg/comp/refunds/index.cfm FHA Homeowners Fact Sheet Who may be eligible for an FHA refund or … [Read more...] about Does HUD Owe You a Refund?
During the weekend of August 16, 2014, Fannie Mae will update Desktop Underwriter® (DU®) Version 9.1 with yet another change: Short Sales (Deed-in-lieu of Foreclosure and Pre-foreclosure Sale): The waiting period requirements for borrowers who have had a previous deed-in-lieu of foreclosure or preforeclosure sale (Short Sale) are being updated to now require a four-year … [Read more...] about Very Important Information for Anyone Who Has Had a Short Sale