On Friday, January 15, 2010, HUD Secretary Shaun Donovan issued a press release, as part of HUD’s Neighborhood Stabilization initiative, temporarily waiving FHA’s 90 Day Seasoning Rule. Amazingly, HUD is cognizant that the seasoning guideline is having a negative impact on alleviating the problem of abandoned and blighted homes:
“In today’s market, FHA research finds that [...]
In the post-subprime mortgage world, it has become increasingly difficult for prospective purchasers to obtain a mortgage. Not only is credit worthiness a mandatory prerequisite but there are certain underwriting requirements that can render a property ineligible for financing. Once such underwriting hurdle is known as Seasoning and I am not talking about what you [...]
Fannie Mae Decreases Down Payment Requirements For Homebuyers
Homebuyers who qualify for a conventional, conforming mortgage that is processed through Fannie Mae’s Desktop Underwriter®, as of June 1st 2008, will only need a down payment of 3 percent of the homes value. The new policy will be enforced nationally to help recovery efforts in some of [...]