Articles Tagged With: HUD News

September 14, 2017

HUD Announces Disaster Relief For Florida

In the aftermath of Hurricane Irma, the Department of Housing and Urban Development has announced disaster relief measures for Florida following a presidential declaration of federal disaster areas in the state. According to a press release on the FHA/HUD official site, the following counties are now recognized as federal disaster areas: Broward, Charlotte, Clay, Collier, Duval, Flagler, Hillsborough, Lee, Manatee, Miami-Dade, Monroe, Palm Beach, Pinellas, Putnam, Sarasota and St. Johns counties. According to the release, HUD offers a variety of relief options to those in the affected areas including (but not limited to) the following: A 90-day moratorium on foreclosures and “forbearance on foreclosures of Federal Housing Administration (FHA)-insured home mortgages”. Making Section 203(h) loans available to those in the counties listed above. The 203(h) program “provides FHA insurance to | more...

September 13, 2017

HUD Announces Disaster Relief For Puerto Rico

By Bruce Reichstein

In the wake of Hurricane Harvey and Hurricane Irma, the Department of Housing and Urban Development has made announcements about disaster relief as certain parts of the country become federally-declared disaster areas. The latest of these is a press release from HUD on relief efforts to Puerto Rico. According to a press release on the FHA/HUD official site, “HUD will speed federal disaster assistance to the Commonwealth of Puerto Rico and provide support to homeowners and low-income renters forced from their homes due to Hurricane Irma.” That assistance includes a 90-day moratorium on foreclosure action for FHA mortgages, the availability of FHA rehab loans for disaster victims, and more. According to HUD, these options can help those in the affected areas recover, rebuild, or purchase a new home to replace | more...

June 5, 2017

HUD Announces Extension of FHA 203(h) Disaster Insurance

By Joe Wallace

The Department of Housing and Urban Development has announced an extension of FHA 203(h) loans for qualifying residents of federally declared disaster areas in Louisiana. The FHA 203(h) program is described in the FHA Single Family Handbook HUD 4000.1. “Section 203(h) of the National Housing Act authorizes FHA to insure Mortgages to victims of a Presidentially-Declared Major Disaster Area (PDMDA) for the purchase or reconstruction of a Single Family Property.” According to the HUD official site, there is now an “additional period of eligibility for section 203(h) mortgage, as a result of the extension of Federal Assistance for victims of the March 13, 2016 and August 14, 2016 Presidentially-Declared Major Disaster Areas of Louisiana…”. FHA loan rules state that unless an extension is offered, the case numbers for FHA 203(h) | more...

June 2, 2017

HUD Kicks Off National Homeownership Month

By Bruce Reichstein

The HUD official site (www.HUD.gov) has announced that June is National Home Ownership Month. According to a HUD press release, June has been declared a time, “to reflect upon the impact owning a home has on household wealth, neighborhood stability and the nation’s broader economic health. The theme of National Homeownership Month 2017 is ‘Find Your Place in a New Era of Homeownership.'” The press release also adds that HUD Secretary Ben Carson helped begin Homeownership Month, “by hosting an academic forum on the state of homeownership in the U.S. following the housing crisis, specifically the challenges Millennials face” as the generation enters the job and housing markets. “After all we’ve been through, homeownership remains an American value and the cornerstone of our economy,” said Secretary Carson in the HUD | more...

April 28, 2017

Fair Housing Month And HUD

By Joe Wallace

Fair Housing Month ends this weekend. This month-long campaign to raise awareness of Fair Housing laws is an important one, which includes measures taken by the Department of Housing and Urban Development to help house hunters and apartment seekers alike to get fair consideration when applying to find or buy a home. Those measures in 2017 include a trying to raise awareness of certain persistent types of discrimination. According to the HUD official site, one version is particularly troublesome. “Every type of discrimination robs individuals and families of their right to choose where to live, but one form of discrimination HUD is particularly active in addressing is discrimination against families with children, known as familial status discrimination.” HUD states that every year, more than ten percent of all Fair Housing | more...

April 20, 2017

HUD Announcement On California Fair Housing Case

By Joe Wallace

The Department of Housing and Urban Development announced an agreement in a fair housing case involving a group of mortgage lenders operating in California. According to a press release on HUD.gov, ” The U.S. Department of Housing and Urban Development (HUD) today announced an agreement with a group of California mortgage lenders to resolve allegations they discriminated against a mortgage applicant based on his national origin.” The press release states that allegations of Fair Housing Act violations were brought against “American Financial Network of Brea, California; Benchmark Communities of Fresno; Brigantino Enterprise of Hollister; and an employee of Benchmark Communities failed to prequalify him to purchase a home in Hollister because he is Hispanic”. Federal Fair Housing laws prohibit “discrimination in rental, sales or home lending transactions based on a | more...

April 5, 2017

April Is Fair Housing Month

By Joe Wallace

April is Fair Housing Month, and a press release from the Department of Housing and Urban Development (HUD) reminds us that 2017 is the 49th anniversary of the Fair Housing Act. We report on these issues here in addition to our usual FHA home loan topics because all borrowers, house hunters, and apartment seekers are protected from being denied housing on a discriminatory basis, but many don’t know or fully understand their rights under federal Fair Housing Act laws. And, as HUD explains, the availability of housing is an important factor in areas far beyond the immediate need of shelter and security. According to a press release at the HUD official site, “This year marks the 49th anniversary of the Fair Housing Act, landmark legislation that became law on April | more...

March 21, 2017

Mortgage Rates Lower Post-Fed

By Joe Wallace

Since our last report, the Fed hiked interest rates. That comes as no surprise as it was widely expected to happen, and mortgage loan rates began rising ahead of that announcement as the industry began to anticipate the move. Once the Fed announcement happened, many sources point out that when rates began to fall again, it was due in part to adjustments following that anticipation. There is no single reason why mortgage loan interest rates rise and fall-any number of factors may combine to influence investors in the markets that directly affect these rates. But in the short term, single causes can and often do exert greater influences. Now that the Fed announcement has come and gone, what’s the state of mortgage rates in the short term? In general, they | more...

March 20, 2017

Fair Housing Act Settlement With Alpine Bank & Trust

By Joe Wallace

The Department of Housing and Urban Development (HUD) has announced a settlement in a Fair Housing case involving an Illinois lender. According to a press release at the HUD official site, a recent settlement with Alpine Bank & Trust settles allegations that, “the Northern Illinois-based lender discriminated against African American and Hispanic mortgage applicants.” According to the press release, HOPE Fair Housing Center located in Wheaton, Illinois, “filed a complaint with HUD claiming the lender’s business service areas excluded majority African-American and Hispanic neighborhoods”. Fair Housing Act regulations make it illegal for any person or company to discriminate against applicants for non-financial reasons such as race, religion, national origin, family status, gender identity, etc. According to the HUD official site, “HOPE Fair Housing Center alleged the bank’s lack of a | more...

February 8, 2017

HUD Charges Oklahoma Landlords With Fair Housing Act Violations

By Joe Wallace

Fair Housing Act laws help protect house hunters no matter what phase of the process they might be at, and it also offers protections for those seeking rental housing. Violations of Fair Housing laws can hinder those hoping to buy with FHA loans, conventional loans or other mortgages at some point, even if they aren’t actively looking to purchase at the moment. That’s why we report on Fair Housing cases from time to time-current and future loan applicants should know their rights and what to do if they encounter unfair treatment along the way. HUD recently announced on its official site that it is bringing charges against Oklahoma landlords for violations of Fair housing law. According to a press release on the HUD site that, “…it is charging the landlords | more...