Articles Tagged With: HUD

Can I buy a manufactured home with an FHA loan?

December 16, 2015

FHA Forward Loan Limits For 2016

Recently we wrote about a press release issued by the FHA and HUD announcing FHA loan guaranty limits for the coming new year. The FHA has published two sets of loan limits mortgagee letters–one for Home Equity Conversion Mortgages (FHA HECM loans) and the other for FHA single-family “forward loans”. We covered the FHA HECM loan guaranty limits in a previous blog post; now we turn our attention to the specifics of the FHA forward mortgage loan guaranty limits as published in Mortgagee Letter (ML) 2015-30, which begins by explaining how FHA loan limits are set. According to that mortgagee letter, “The Federal Housing Administration (FHA) calculates forward mortgage limits based on the median house prices in accordance with the National Housing Act. FHAs Single Family forward mortgage limits are | more...

December 7, 2015

Mortgage Rate Trends: Sharply Higher, Then Lower

By Joe Wallace

On Thursday, mortgage loan interest rates took a significant jump higher, pushing 30-year fixed rate conventional mortgages to a best execution range between 4.0% and 4.125%. On Thursday FHA mortgage loan rates remained in their 3.75% best execution comfort zone (though you will see more variation among participating lenders for FHA mortgage loan rates). All eyes were on Friday’s Employment Situation Report as make-or-break factor–was Thursday a portent of things to come? Or was it just a “moment”? Come Friday, rates actually took back some of that lost ground in spite of an employment report that was, according to our sources, stronger than anticipated. The report didn’t have the anticipated effect (strong economic data is often a catalyst for rising mortgage loan rates based on the investor reaction to that | more...

October 28, 2015

Mortgage Rate Trends: Sideways to Slightly Better Pre-Fed

By Joe Wallace

Wednesday is potentially a big day for mortgage rates–there’s an FOMC announcement today that could influence mortgage loan rates depending on the contents of that announcement and investor reaction to it. The Fed has been debating a hike in interest rates once the economy is deemed in the right position to accept the hike. Any talk of raising rates has in the earlier times put investors in a mood to react in ways that put upward pressure on mortgage rates. That said, some feel there’s no rate hike coming–at least not today. According to a Marketwatch.com piece this morning by columnist Frank Gold, “Almost no one is looking for the Federal Open Market Committee (FOMC) to raise short-term interest rates when it ends its October meeting on Wednesday.And few expect | more...

October 23, 2015

HUD Proposes New Anti-Housing Discrimination Rule

By Joe Wallace

The Department of Housing and Urban Development has issued a press release about a proposed new rule that would create new, formal and standardized claims procedures for discrimination complaints in connection with housing transactions. HUDNo.15-136 was released Wednesday, October 21, 2015, stating, “The U.S. Department of Housing and Urban Development announced today that it is issuing a proposed rule that would formalize standards for victims of harassment in housing to bring claims under the Fair Housing Act.” HUD’s proposed rule, called Quid Pro Quo and Hostile Environment Harassment and Liability for Discriminatory Housing Practices under the Fair Housing Act, was published in the Federal Register and is open to comments by the public for a limited time. “A home should be a refuge where every woman and man deserves to | more...

October 19, 2015

Fair Housing Laws: Support Animals And Discrimination

By Joe Wallace

On the FHA/HUD official site this week there was a press release announcing HUD charges against New York City landlords for alleged discriminatory housing practices involving tenants with support animals. According to the press release HUDNo. 15-129, “The U.S. Department of Housing and Urban Development (HUD) announced today that it is charging the owners and landlords of a high-rise complex in New York City with violating the Fair Housing Act by refusing to allow a resident with disabilities to have an emotional support animal. HUDs charge alleges that Friedman Residence, LLC (formerly called the Aurora), Common Ground Management Corporation, and The Actors Fund of America refused to accept that the resident required a dog to cope with the symptoms of his disability.” The HUD press release adds that Fair Housing | more...

October 8, 2015

HUD Charges Pennsylvania Landlord With Discrimination Against Children

By Joe Wallace

In a press release on the FHA/HUD official site, you’ll find the following statement about Fair Housing laws: “The Fair Housing Actmakes it unlawful to deny housing because a family has children under the age of 18 and to make statements that discriminate against families with children. Housing may exclude families with children only if it qualifies as housing for older persons under the Act. The Fair Housing Act permits the familynot the landlordto decide what unit is appropriate or safe for them.” This is mentioned in connection with a case brought by HUD against a Pennsylvania landlord. In a press release (HUDNo.15-123) published recently, we learn, “The U.S. Department of Housing and Urban Development (HUD) announced today that it has charged a Pennsylvania landlord with housing discrimination for allegedly | more...

September 19, 2015

All About HUD 4000.1, The New Single Family Policy Handbook

By Joe Wallace

In the weeks leading up to the launch of the new FHA Single Family Home Loan policy handbook, HUD 4000.1, we’ve discussed some of the contents of the handbook in detail, but some may wonder what exactly HUD 4000.1 is and how it affects them. HUD 4000.1 consolidates and updates FHA loan policy for single-family into a single reference. It supersedes many prior FHA loan mortgagee letters, which are issued occasionally by the FHA/HUD to announce, revise, or clarify FHA loan policy. According to the FHA official site, HUD 4000.1, “The Federal Housing Administrations (FHA) Single Family Housing Policy Handbook (SF Handbook; HUD Handbook 4000.1) is a consolidated, consistent, and comprehensive source of FHA Single Family Housing policy.” What does that mean? According to the FHA/HUD, the new handbook has | more...

September 10, 2015

Need Help Preparing For An FHA Mortgage Loan? HUD Resources By State

By Joe Wallace

We give out a lot of advice about the planning stages of your FHA home loan. Did you know it’s best to begin planning at least a year ahead of time for a new home loan? Doing so gives you time to save up or continue to save for a down payment, related fees and expenses, pull your credit reports and other tasks that should happen long before you are ready to fill out your application. One area we strongly encourage buyers to examine is housing counseling. Pre-purchase housing counseling can help new FHA loan applicants navigate the entire process more confidently and better prepared. But where can a potential FHA borrower turn to get this housing counseling? The best thing to do is to contact the FHA directly for | more...

September 5, 2015

FHA Mortgage Loan Interest Rate Trends: Moving Lower

By Joe Wallace

It was a volatile week for mortgage loan rates in general. Many were looking to Friday as a big day for potential rate movement thanks to an anticipated jobs report. But when the Employment Situation report was released, it didn’t do much to rates as investors didn’t react to the data in ways that could have pushed the rates significantly higher or lower. And so we saw rates inching back down on Friday, with 30-year fixed rate conventional mortgages hovering between 4.0% and 3.875%, best execution. Rates had been closer to 4.0% for much of the week until Friday, though some lenders may have offered the low end of the current range depending on borrower qualifications. In all this week’s volatility and upward movement, FHA mortgage loan rates are still | more...

August 28, 2015

FHA Loan Rules, Lender Standards, And Your FHA Loan Application

By Joe Wallace

Some of the most common questions we get asked in the comments section (where we field all our reader questions about FHA loans and refinance loans) involve what seem to be gray areas surrounding an FHA mortgage. For example, “Will a certain condition in the home make the property fail the FHA appraisal?” or, “How low can my FICO score be?” Some portions of the FHA loan process are dealt with specifically in FHA loan rules. For example, borrowers with FICO scores lower than 500 are not eligible for an FHA loan. Borrowers who are currently delinquent on Federal debts may have difficulty getting loan approval until the situation is resolved with payment or a payment plan. Certain types of conditions–homes located within a high pressure gas pipeline easement, for | more...