September 10, 2015
At the time of this writing there are five days until the launch of the new FHA Single Family Home Loan policy book, HUD 4000.1. We have written about certain policies and procedures that will take effect on September 14, 2015, the official launch date for HUD 4000.1.
But there are some changes to FHA loan rules that coincide with the launch of the new handbook that are important to know–some FHA mortgagee letters have been superseded in their entirety. The FHA/HUD official site has a comprehensive list of those mortgagee letters, which includes the following chart:
As you can see, there is a range of mortgagee letters that will be replaced, from 1994 all the way up to the year 2014. Not ALL mortgagee letters in that year/date range will be replaced, just the ones mentioned here and at the FHA official site.
Many of these have to do with situations and concerns that might not affect a typical FHA home loan or refinance loan transaction, but where applicable, the outdated mortgagee letters will be replaced by FHA loan policy found in HUD 4000.1. Again, that volume goes into effect and will be official FHA loan policy as of September 14, 2015.
The FHA official site is quick to point out that other mortgagee letters not mentioned in the list above may be superseded in part to the extent that the new FHA loan rules should be followed. According to the official site:
“…the partially superseded Mortgagee Letters remain in effect to the extent not hereby superseded. All previously superseded or cancelled Handbooks, Mortgagee
Letters or Housing Notices remain cancelled or superseded, but will continue to remain available for informational purposes only on HUDs web site…”
Do you work in residential real estate? You should know about the free tool offered by FHA.com, designed especially for real estate websites–a widget that displays FHA loan limits for the counties serviced by those websites.
It’s simple to spend a few seconds customizing the state, counties, and widget size for the tool; you can copy the code and paste it into your website with ease. Get yours today: http://www.fha.com/fha_loan_limits_widget
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.
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