Articles Tagged With: HUD

September 23, 2020

Getting Ready For An FHA Home Loan Refinance

Are you interested in a lower mortgage payment or interest rate on your home loan? Are you looking to convert the equity you’ve built up in your home into cash? There are plenty of reasons to consider refinancing–do you need out of an adjustable-rate mortgage (ARM) and into a fixed-rate loan? All of these options are open to financially qualified borrowers who apply for an FHA refinance loan and you do NOT have to be a first-time homebuyer or first-time homeowner to be approved for an FHA refinance loan. Many of the same steps you took for your original home loan application are applicable when you begin planning to refinance your mortgage; you should pull your credit reports are early as possible in the planning stages. Many consumers find it | more...

September 3, 2020

HUD Announces Disaster Relief In The Wake Of Hurricane Laura

By Joe Wallace

On August 28, 2020, there was a federal major disaster declaration announced for the state of Louisiana; those living in the affected areas are eligible for federal disaster relief and other measures as announced (see below). The U.S. Department of Housing and Urban Development now offers federal disaster assistance there “to provide support to homeowners and low-income renters displaced from their homes in areas affected by Hurricane Laura.” The major disaster declaration is for the following parishes in Louisiana; Allen, Beauregard, Calcasieu, Cameron, and Jefferson Davis. The result of having these areas declared as federal disaster areas allows FHA foreclosure relief and other assistance to impacted families living in these counties to include immediate foreclosure relief in the form of a 90-day moratorium on foreclosing upon any FHA mortgage. For | more...

August 31, 2020

HUD Extends COVID-19 Foreclosure Moratorium For A Third Time

By Bruce Reichstein

The FHA and HUD have announced a third extension of the coronavirus foreclosure and eviction moratorium announced earlier this year to help homeowners affected by the global COVID-19 pandemic outbreak. This extension is extended until the end of 2020 and is intended to help those with FHA mortgages “focus on financial recovery”. The original measures were passed as part of the Coronavirus Relief and Economic Security Act, also known as the CARES Act. According to a press release issued by the FHA and HUD, “This extension provides an additional four months of housing security to homeowners, as they will not fear losing their homes as they work to recover financially from the adverse impacts of the pandemic. “ HUD officials went on the record about this extension stating that, “…homeownership | more...

August 26, 2020

FHA Home Loan Advice For Disaster Victims

By Bruce Reichstein

At the time of this writing, multiple natural disasters are affecting homeowners from California to the Gulf Coast. This, in addition to COVID-19 concerns makes for a lot of hardship for those who have had to evacuate, and for those who have experienced damaged homes and lost property. The FHA and HUD have specific disaster-relief policies on the books that are intended to help those affected by natural disasters recover from them. FHA loan rules include limited foreclosure moratorium procedures for borrowers, and there is help in the form of FHA rehabilitation loans specifically for disaster victims. However, this relief is provided to those who reside in areas that have been declared as federal disaster areas. The President must make such a declaration (such as the one made in California | more...

August 25, 2020

HUD Approves Conciliation Agreements in Arkansas Fair Housing Discrimination Case

By Joe Wallace

Housing discrimination at any stage–buying, renting, financing, etc.–is a violation of federal law. The Fair Housing Act protects borrowers from being denied housing based on non-financial criteria including race, family status, sexual identity, etc. The Department of Housing and Urban Development has announced agreements in an Arkansas Fair Housing discrimination case. According to a press release issued by HUD, the agency has approved three Conciliation Agreements with the owners and property management company of Springdale Ridge Apartments in Springdale, Arkansas. HUD says these three agreements resolve complaints that the owners and management of Springdale Ridge Apartments “discriminated against several residents because of their national origin and retaliated against an employee living on site who sought to inform the residents of their fair housing rights” according to the HUD press release. | more...

April 28, 2020

HUD Updates Coronavirus Home Loan Guidelines For Loan Closing

By Bruce Reichstein

The FHA and HUD have issued guidelines for mortgage loan closing procedures that may be affected by coronavirus lockdown measures, quarantine, and other issues related to the COVID-19 pandemic. Many home buyers were caught by surprise by coronavirus issues and there are many home loans that are affected. The Department of Housing and Urban Development issued initial policies in March, 2020, but updated them in mid-April to include provisions in several areas designed to help facilitate FHA home loans during the outbreak. FHA Loan Rules On Title insurance The FHA and HUD issued guidance on loan servicing issues designed to address situations in counties where recording offices are not operational during the national emergency. The FHA/HUD official site answers the following question related to such scenarios: “Will FHA accept title | more...

April 21, 2020

How To Protect Your Credit

By Joe Wallace

Do you know how to protect your credit score during the COVID-19 outbreak? Millions of Americans have suffered economic setbacks as a result of containment measures designed to stop the spread of the virus, and many of them were already struggling with credit issues prior to the outbreak. How can you protect your credit going forward? The first step is to know what your credit report says and to actively monitor your credit. In some cases, credit problems wind up being the result of factors beyond the consumer including: Inaccurate credit report data Outdated credit information that needs to be removed Evidence of identity theft Credit report information that is accurate, but for someone else with the same name Any of these issues can hurt your credit, and they take | more...

April 20, 2020

HUD Housing Discrimination Policy During COVID-19

By Bruce Reichstein

The FHA and HUD celebrate Fair Housing Month during April each year, and in the year 2020, coronavirus pandemic concerns raise some Fair Housing issues to new importance. The Department of Housing and Urban Development has issued official policy on housing discrimination related to COVID-19. The agency issued a press release, reminding tenants, landlords, house hunters, and all others involved in the housing industry, “…viruses do not target specific racial or ethnic groups. Be aware that the Fair Housing Act and other federal laws prohibit the eviction, turning away or harassment of a person in housing because they are profiled, on the basis of race, national origin or other protected class, to be associated with COVID-19.” That is a very important issue to consider. Not everyone is able to shelter | more...

March 19, 2020

HUD Begins Foreclosure Relief For FHA Borrowers Affected By The Coronavirus Outbreak

By Bruce Reichstein

The Department of Housing and Urban Development is providing FHA borrowers a 60-day foreclosure moratorium described as “immediate relief” for those who may be struggling to make FHA mortgage loan payments during the health crisis. Details From HUD The HUD official site has published details of the HUD-mandated moratorium on all foreclosures on FHA Single-Family home loans and Reverse Mortgages, a move similar to what happens to borrowers in federally-declared disaster areas after a natural disaster such as a hurricane, flood, forest fire, landslide, etc. FHA Mortgage Foreclosure Evictions Also Suspended The HUD foreclosure moratorium announcement includes a suspension of evictions related to those foreclosures, also for sixty days. The eviction process suspension is a critical part of foreclosure relief for some borrowers. The HUD official site’s press release addresses | more...

January 29, 2020

HUD Announces New Policy On Service Animals

By Bruce Reichstein

The Department of Housing and Urban Development (HUD) announced updated guidance regarding the use of service animals and emotional support animals as it relates to Fair Housing Act issues. The issue of support animals might not seem to be related to the purchase of real estate with an FHA home loan, not at first. But Fair Housing rules do affect all stages of the house-hunting process including renting a home while you are looking for one to purchase with the help of a realtor, or on your own. The HUD announcement discusses a need for reasonable accommodation in housing for those who need service animals or emotional support animals. The agency has released an “Assistance Animal Notice” designed to help all parties understand how to best comply with Fair Housing | more...