Articles Tagged With: FHA Updates

July 17, 2015

HUD Charges South Dakota Property Owners With Discrimination

A press release on the FHA/HUD official site announces discrimination charges against the owners of a housing complex in South Dakota. According to HUDNo.15-091, the owners violated the Fair Housing Act by, “initially refusing to allow a resident with disabilities to have an emotional support animal. HUDs charge alleges that even after the resident obtained a support dog, the owners, Robert Christensen, Linda Christensen, and Viking Villas, LLC, placed overly burdensome requirements on the residents use of the dog.” At first glance this case may seem to have nothing to do with FHA home loans, FHA refinance loans or related issues. But for borrowers who want to purchase condo units with FHA loans, or for those who purchase a home in a community with a homeowner’s association, issues like these | more...

July 17, 2015

House Hunting And Your FHA Home Loan

By Joe Wallace

There are many things you can do before and during your house hunting process to make buying your new home much easier. Do you know what home buyer resources are available in your state? Have you compared lenders both online and at the branch? Are you considering FHA loan pre-approval? Getting pre-approved is a very good step. It helps you establish a relationship with a participating FHA lender, and gives you a much better idea of what kind of price range and other factors you might need to consider when house hunting. Pre-approval forms will ask you those difficult questions–“How much do you want to spend on your home?” and “What size home do you need?” The pre approval question also forces many borrowers to think about their house needs | more...

July 10, 2015

HUD Announces Final Rule On Fair Housing

By Joe Wallace

The FHA/HUD official site has announced a final rule that will promote and clarify fair housing requirements. A press release titled, “HUD Announces Final Rule On Affirmatively Furthering Fair Housing” announces both new procedures and simplified fair housing rules. According to the press release, the new final rule will “equip communities that receive HUD funding with data and tools to help them meet long-standing fair housing obligations in their use of HUD funds. HUD will also provide additional guidance and technical assistance to facilitate local decision-making on fair housing priorities and goals for affordable housing and community development.” For many decades, the communities that receive funding from the Department of Housing and Urban Development are required to observe fair housing rules so that all eligible applicants can receive help getting | more...

June 29, 2015

FHA & HUD On The Recent Supreme Court Fair Housing Decision

By Joe Wallace

There has rightfully been a great deal of attention on last Friday’s ruling by the Supreme Court on marriage equality. But last week’s Supreme Court actions also included other important decisions, one of which affects those seeking a place to live and the right to do so under the Fair Housing Act. On Thursday, June 25 2015, the FHA and HUD official site was updated to include a press statement from HUD about the court’s decision in a Texas housing discrimination case: “Today, the U.S. Supreme Court reaffirmed an important legal principle in Texas Department of Housing and Community Affairs v. The Inclusive Communities Project, Inc. The Justices found that the Fair Housing Act not only prohibits intentional acts of discrimination, but also housing practices that have an unjustified discriminatory | more...

June 27, 2015

FHA Loans Post-Bankruptcy? When To Apply?

By Joe Wallace

Borrowers who have filed for bankruptcy, or who have had other financial difficulties resulting in negative credit, may have questions about the timing of their next home loan application. We get many reader questions about this–some ask “When can I apply for a new loan?” or, “How long should I wait until I apply?” Others want to know if their credit scores are good enough, writing that they have scores within a certain range and whether those scores are enough to qualify. Bankruptcy, foreclosure, and other negative-credit actions may require specific waiting periods before you can apply again. Some of these are dependent on circumstances, lender standards and other factors–there often is no one set answer for borrowers who meet certain parameters. If you have these types of questions, one | more...

June 23, 2015

FHA Loans For Eligible Properties

By Joe Wallace

Recently we posted about two types of property you cannot purchase using an FHA home loan: houseboats and recreational vehicles. The reasons you cannot get an FHA-guaranteed home loan for these things is because they cannot be affixed to a permanent foundation. So what kinds of property can you purchase–or refinance–with an FHA loan? Many would assume that a typical suburban home is allowed, and that is true. But so are condo units in FHA-approved condominium projects, manufactured homes, and many other types of property you might not find in a typical neighborhood in the ‘burbs. FHA loan rules currently found in HUD 4155.2 at the time of this writing spell out the list of properties a lender may offer FHA loans for. They include the following guidelines to the | more...

June 17, 2015

FHA Mortgage Loan Rates: Post-Fed, Moving Lower

By Joe Wallace

It’s been a tricky week for mortgage loan rates in general; rates seemed to be in a “defensive” position ahead of the highly anticipated Fed announcement which happened today–that announcement had major power to influence rates higher or lower depending on the contents of the statement and investor reaction to it. So what happened with rates today? According to several sources, certain markets that influence mortgage rates were weak in the morning, which sent some lenders to adjust their rates accordingly. Once the Fed had made its eagerly awaited announcement, rates began moving back the other way. Why? The Fed could have announced an interest rate hike today, which can and often does (when it occurs) have a negative effect on mortgage rates. But instead, the Fed declared that while | more...

June 17, 2015

HUD Announces More Housing Counseling Grants

By Joe Wallace

We write a great deal about the importance of housing counseling–especially for first time FHA loan applicants who might need some additional help with questions about the home buying process in general, getting credit ready for an FHA loan application, and what it takes to apply for a home loan after a bankruptcy or foreclosure. Yesterday HUD announced a new round of grants for housing counseling agencies that provide such services to FHA borrowers and other home loan applicants. HUDNo.15-074 announced nearly six million dollars in housing counseling grants, including “nearly $1.5 million to new housing counseling grantees and $4.5 million to supplement the funding awarded in April to existing grantees” according to the HUD press release. You can examine a comprehensive summary of each grant, organized by state as | more...

June 11, 2015

FHA Policy On Cancelling Monthly Mortgage Insurance Premiums

By Joe Wallace

One commonly asked question about FHA loans involves when and how a borrower can stop paying FHA Monthly Mortgage Insurance Premiums. The information we’re discussing here does not apply to Private Mortgage Insurance, which something different than FHA Mortgage Insurance Premiums. Since we’ve mentioned Private Mortgage Insurance, borrowers who have it, (called PMI for short) should know the following as published on the government website, ConsumerFinance.gov: “The Homeowners Protection Act gives you the right to request that your lender cancel PMI when you have reached the date when the principal balance of your mortgage is scheduled to fall to 80 percent of the original value of your home. This date should have been given to you in writing on a PMI disclosure form when you received your mortgage. If you | more...

June 10, 2015

HUD Settlement In North Miami Beach Condo Housing Discrimination Case

By Joe Wallace

Housing discrimination is a violation of federal law. Sometimes that discrimination happens at the time a borrower applies for a home loan, other times it happens when the house hunter is looking for a home. But what about situations where a borrower has applied for a home loan, FHA or otherwise, closes the deal and moves in, only to find discrimination waiting for them once they are legally occupying the property? Such a case recently made headlines in North Miami Beach. The HUD official site has announced a settlement in a housing discrimination case in Florida. According to the HUDNo. 15-069, “The U.S. Department of Housing and Urban Development announced today an agreement with a North Miami Beach condominium association settling allegations its board president harassed and made discriminatory remarks | more...