Articles Tagged With: HUD

November 8, 2016

HUD Adds Relief For Hurricane Matthew Victims In Virginia

Last month, we reported on a HUD press release announcing relief for victims of Hurricane Matthew. That relief was offered in four states; North and South Carolina, Florida, and Georgia. Now, HUD has announced the same kind of relief for those who live in Virginia and are dealing with the aftermath of Hurricane Matthew. According to the HUD press release, “The U.S. Department of Housing and Urban Development announced today it will speed federal disaster assistance to the Commonwealth of Virginia and provide support to homeowners and low-income renters forced from their homes due to Hurricane Matthew.” The release adds, “President Obama issued a disaster declaration for the cities of Chesapeake, Newport News, Norfolk, and Virginia Beach. The President’s declaration allows HUD to offer foreclosure relief and other assistance to | more...

November 7, 2016

HUD Announces Settlement In Illinois Fair Housing Case

By Joe Wallace

A press release on the HUD official site announces that the U.S. Department of Housing and Urban Development has reached an agreement between the East Chicago Housing Authority and a fair housing organization, “resolving multiple complaints of housing discrimination” according to the press release. Acting on behalf residents in the area, the Sargent Shriver National Center on Poverty Law alleged the East Chicago Housing Authority violated the Fair Housing Act, Title VI of the Civil Rights Act of 1964, and Section 504 of the Rehabilitation Act, “with respect to the relocation of residents at West Calumet Housing Complex due to soil surrounding the complex being contaminated with lead and arsenic.” The HUD press release states that, according to the complaint, “the housing authority engaged in discriminatory housing practices in its | more...

November 3, 2016

Mortgage Rates: Slightly Better

By Joe Wallace

Mortgage loan rates recovered a bit on Wednesday, making nearly a full week of either no upward movement or slight recovery on a daily basis. Borrowers affected by these four days will likely have noticed the differences in closing costs rather than adjustments in rates. There was some attention paid to Wednesday’s Fed announcement, since past versions of this have either moved or had serious potential to move mortgage loan rates based on investor reaction to the contents of such announcements. But this time around, there was nothing noticeable; the markets seem more interested in the uncertainty surrounding political events at the moment. 30-year fixed rate conventional mortgages are still at or near 3.625% best execution. FHA mortgage rate conditions haven’t altered either, holding steady in the comfort zone range | more...

November 2, 2016

HUD Brings Charges Against Ohio Housing Authority

By Joe Wallace

The Department of Housing and Urban Development is bringing charges against the Ohio Housing Authority for what it says are violations of the Fair Housing Act. At first glance, a Fair Housing Act case against a state or local housing authority might not seem to have much to do with FHA mortgage loans, but the fact is that fair housing issues affect people at all levels of the home loan process, whether planning or actually purchasing. The family or individual that needs to rent, utilize public housing, or take other steps to find or use housing before purchasing a home is entitled to the same rights as those currently purchasing. Violations of those rights can negatively affect a potential borrower’s ability to find an purchase a home, which is why | more...

October 12, 2016

HUD Announces Relief Measures Following Hurricane Matthew

By Joe Wallace

The Department of Housing and Urban Development has announced relief measures following Hurricane Matthew. According to the HUD official site, “U.S. Housing and Urban Development Secretary Julian Castro today announced HUD will speed federal disaster assistance to the States of North Carolina, Florida, and Georgia and provide support to homeowners and low-income renters forced from their homes due to Hurricane Matthew.” The HUD press release announcing this relief also ran a list of areas President Obama issued a disaster declaration for-the following counties have been declared federal disaster areas: North Carolina: Beaufort, Bladen, Columbus, Cumberland, Edgecombe, Hoke, Lenoir, Nash, Pitt, and Robeson. Florida: Brevard, Duval, Flagler, Indian River, Nassau, St. Johns, St. Lucie and Volusia. Georgia: Bryan, Camden, Chatham, Glynn, Liberty, and McIntosh. According to the press release, HUDNo.16-155, “The | more...

October 10, 2016

Mortgage Loan Interest Rate Trends: Upward Trend

By Joe Wallace

For the past five business days, mortgage loan interest rates have been in an upward trend. Even after last week’s Employment Situation Report, which had weaker jobs data that anticipated, rates were still on a short-term upward swing. The employment report and mortgage loan rates aren’t directly tied together, but investor behavior associated with that report often has rates moving lower in the wake of weak jobs data. This time, investor behavior all but ignored this, and the week ended with rates closing out in a range for conventional mortgages higher than we’ve seen in a little while. 30-year fixed rate conventional mortgages closed out Friday in a range between 3.5% and 3.625% best execution. FHA mortgage loan interest rates are still holding in their 3.25% comfort zone, but if | more...

FHA Loans And Natural Disasters: What You Should Know

October 5, 2016

Cash To Close: Investments, Private Savings Clubs

By Joe Wallace

In our last blog post we discussed FHA loan closing costs and down payments-specifically the rules found in HUD 4000.1 that governs the sources of the funds for cash to close (down payments and closing costs). The lender is required to verify the source of all funds for down payments and closing costs, and the procedure can vary depending on the source of the funds, lender standards, state law, etc. Last time we examined the rules for funds that come from savings and checking accounts, but these aren’t the only types of sourcing options. For example, cash to close may come from investments such as stocks or bonds, or money saved up in private savings clubs. HUD 4000.1 instructs the lender on how to proceed with these types of sources. | more...

October 4, 2016

HUD Charges Manhattan Condo Owner With Fair Housing Act Violations

By Joe Wallace

When purchasing a condo unit with an FHA mortgage, borrowers may be subject to additional legal commitments associated with condo association agreements, which many condo purchasers must agree to as a condition of the purchase of their property. But sometimes the provisions of those agreements can, depending on how they are interpreted, run afoul of the Fair Housing Act. One such case came to light recently on the Department of Housing and Urban Development’s official site in a recent press release titled. According to HUDNo.16-151, “The U.S. Department of Housing and Urban Development (HUD) announced today it is charging a Manhattan property owner with violating the Fair Housing Act by discriminating against a resident with disabilities who required the use of an assistance animal.” Under the Fair Housing Act, those | more...

October 3, 2016

HUD Awards Millions To Promote Fair Housing

By Joe Wallace

Fair Housing laws affect house hunters and potential FHA loan applicants at all levels of their search for housing. Whether you are ready to fill out a loan application to purchase property, or need to rent an apartment as an interim solution while you search for a home, Fair Housing laws are there to protect borrowers from discrimination in the housing process. The Department of Housing and Urban Development has announced a $38 million initiative designed to help national and local agencies fight housing discrimination. The funding will support more than 100 agencies. “This year, HUD provided competitive funding under three notices to organizations that support a wide range of fair housing enforcement, education and outreach activities” says the press release HUDNo.16-150, which adds, “These grants allow the groups to | more...

September 27, 2016

Mortgage Loan Interest Rate Trends: Improving

By Joe Wallace

Mortgage loan interest rates improved on Monday, the fourth business day in a row that rates have recovered. There was an upward trend for some time, but some market watchers and industry professionals are using the word “rally” to describe what they’ve been seeing lately. There was considerable attention on the latest Fed statement about interest rates, but once “Fed day” came and went there was no significant change in investor activity-that is to say no increase activity unfavorable to interest rates in specific reaction to the Fed announcement. 30 year fixed rate conventional mortgage loan rates were reported at 3.375%, best execution, on Monday. That puts conventional loan rates in a single number rather than the range of best execution rates we saw previously. FHA mortgage loan rates are | more...