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 [...]
I blogged last week about FHA's new plan to allow prospective purchasers to monetize the first time Home Buyer's $8,000 tax credit and use it as a down payment on the purchase of a home. The Secretary of HUD made statements at a NARS meeting about the revolutionary plan and HUD drafted a Mortgagee Letter [...]
Just a heads up on some of the changes that came into effect this past Wesnesday, April 1, 2009, complements of the Mortgage Currency staff:
FHA just released ML 2009-08 – Limits on Cash Out Refinances – going to 85% with case numbers after April 1, 2009. The news is that the 95%’s cash out refi’s [...]
FHA EXTENDS FINANCING FOR IMMEDIATE PURCHASE OF FORECLOSED HOMES Measure seen to bring stability to home values and accelerate sale of vacant properties
WASHINGTON – In an effort to stabilize declining home values in certain neighborhoods, the Bush Administration today announced a temporary policy that will extend government-backed mortgage insurance and allow for the immediate sale [...]