December 2, 2011
There are two times when potential or current FHA borrowers should seriously consider FHA-approved housing counseling help. First-time house hunters examining their FHA loan options should explore FHA/HUD approved counseling, as should anyone worried about going into default or foreclosure on an FHA loan, conventional mortgage or VA insured loan.
FHA and HUD referred or approved counseling is often free depending on the type of counseling, All HUD-approved or referred foreclosure avoidance counseling is free, but other services such as required sessions for FHA HECM or Reverse Mortgages come with a fee. But FHA rules require approved agencies to offer free HECM and related counseling to borrowers who demonstrate financial hardship or need.
In HUD press release 11-280, the agency announces more than $40 million in grant money to FHA/HUD approved counseling agencies that will help offset costs of offering such free services, plus multi-lingual programs and other activities.
These grants will be “awarded competitively to hundreds of HUD-approved counseling agencies and State Housing Finance Agencies across the nation that offer a variety of services including how to avoid foreclosure, how to avoid mortgage scams, how to purchase or rent a home, how to improve credit scores, and how to qualify for a reverse mortgage” according to the press release.
HUD Secretary Shaun Donovan says,
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
Browse by Date: