Tagged : HUD

A list price of $90,000 makes this home a relatively good deal. A detached home on St. Joseph St. in Lancaster City. This home has 2 bedrooms and 1 bath and 1144 sqft. It needs some work but is structurally good. What makes this home nice is the location. Just off of Hershey Ave and right next to Lafayette Elementary. This home is also available for purchase with a 203(k) rehab loan. This loan allows the purchaser to buy the property and put the repair costs into their mortgage. This allows b... Read Full Post

The US Department of Housing and Urban Development has been striving to help Americans to find homes in a fair and equitable manner since 1965. In the early days of the Department of Housing, the agency struggled to gain fair housing for African-Americans and later on Native Americans and Alaskan Indians. Last year, the HUD announced their commitment to addressing discrimination of another sort, based on gender identity and sexual orientation. While many of the aspects that LGBT people have b... Read Full Post

The Department of Housing and Urban Development (HUD) has clarified their final position on add-on real estate transaction fees. According to General Counsel Helen Kanovsky, "The Real Estate Settlement Procedures Act (RESPA) regulates how the commission should be disclosed, it does not prescribe how it is to be determined. It's up to the real estate broker to decide what they charge for their services." HUD's view is the real estate commission can be disclosed as a flat fee, a percentage of t... Read Full Post

Last week, the U.S. Department of Housing and Urban Development (HUD) announced that FHA-insured homeowners experiencing problems caused by defective drywall may be eligible for assistance to help them rehabilitate their homes. In addition, HUD's Community Development Block Grant (CDBG) Program may also be a resource for local communities to help families facing financial hardship while trying to combat the ongoing problem. Declaring defective drywall to be a FHA Type 1 Special Forbearance, F... Read Full Post

Beginning August 15, FHA borrowers will be able to apply to reduce their monthly mortgage payments by seeking a loan modification through their current lender or loan servicer under the new FHA-Home Affordable Modification Program (FHA-HAMP). The Helping Families Save Their Homes Act of 2009 allows FHA to give qualified FHA-insured borrower's the opportunity to reduce their monthly mortgage payment by modifying the mortgage through the new program. The program will permanently reduce a family... Read Full Post

Under the Neighborhood Stabilization Program enacted as part of the Foreclosure Prevention Act of 2008, 48 local and state governments in Florida will receive U.S. Department of Housing and Urban Development (HUD) funding specifically for foreclosure relief. The program is designed to provide local governments with a source of funding to respond to rising foreclosures and declining property values. Florida was allocated $541 million, which includes $91 million to the Department of Community A... Read Full Post

Well, our illustrious leaders in Washington have finally passed the long awaited new housing bill (H.R. 3221 - Housing and Economic Act of 2008). While we're not positive how much it will help the overall housing market (other than ensuring the GSE's won't fail), it is chock full of new regulations and sure to cost taxpayers millions of dollars. Now that it's ready to become law, the questions are "who is eligible" and "what are the requirements" ailing homeowners must follow in order to take... Read Full Post

Beginning July 14, 2008, FHA will implement a new flexible premium pricing structure that HUD believes will assist more homeowners struggling to keep up with their high-cost subprime adjustable rate mortgages. According to HUD Deputy Secretary Roy A. Bernardi, “fair pricing will allow FHA to reach more troubled homeowners without placing excessive risk on its insurance fund.” Up to now, FHA had one premium structure that charged borrowers 1.50 percent of the loan balance upfront and .50 p... Read Full Post

For those of you who follow our blog, you know we try very hard to keep you up to date with all the changes that are occurring in the mortgage lending industry on an ongoing basis. Unfortunately, since around the beginning of March, we have had our hands full trying to keep up with the overwhelming increase in our real estate business due to the fact it was the height of our "season" here in Southwest Florida and business is booming again. Our belief is that what has occurred for us here in o... Read Full Post

Good news for home buyers and sellers in Orange County, Ca. Orange County (as well as 13 other Ca Counties) saw their loan limits for FHA, Fannie and Freddie bumped all the way up to the $729,750 cap. With the FHA loan limits offering flexibility in ratios, credit, downpayment and appraisals...this is a great opportunity for buyers to get a loan! A more complete article can be found at New HUD loan limits. Plus, according to CNN Money, the difference between what a home should cost and its ac... Read Full Post