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FHA
Federal Housing Administration
The Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.
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HUD Mortgagee letter 2010-07
ML 10-07 updates the following documents Home Equity Conversion Mortgage (HECM) Loan Agreement Revisions to the model HECM Loan Agreement Exhibits Fannie Mae Form 1009.... . . . keep reading
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HECM Principal Loan Limit (PLF) Factors
HECM Principal Limit Factors (PLF) provide the percent of maximum claim amount allowable in cash draws, given the age of the borrower(s) and "expected" interest rate for the loan. The table provided here gives PLFs for ages 62-99 and interest rates from 3.00 percent to 18.75 percent. . . . keep reading
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New RESPA Rule FAQs
Check out the new RESPA GFE rules releative to HECM's. You can see the Q & A on pages 24-28. You may want to print these out to review. . . . keep reading
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HECM for Purchase
Frequently Asked Questions
HUD
The HECM for purchase program was designed to allow seniors to purchase a new principal residence and obtain a reverse mortgage within a single transaction. The program was also designed to enable senior homeowners to relocate to other geographical areas to be closer to family members or downsize to homes that meet their physical needs, i.e., handrails, one level properties, ramps, wider doorways, . . . keep reading
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Mortgagee letter 2009-21, Home Equity Conversion Mortgage Refinancing of Existing Loans
SUBJECT: Home Equity Conversion Mortgage Refinancing of Existing Loans This Mortgagee Letter informs Mortgagees and Housing Counseling Agencies that provide Home Equity Conversion Mortgage (HECM) counseling, of a technical correction that is applicable to the Federal Housing Administration (FHA) HECM Program. This Mortgagee Letter also reiterates and clarifies policy guidance that mortgagees must use when refinancing existing HECM mortgages. . . . keep reading
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HUD Expresses Concerns - HUD Testimony
This is a partial Statement Of Kenneth M. Donohue Inspector General Department of Housing and Urban Development Before the Committee on Financial Services Subcommittee on Oversight and Investigations United States House of Representative, on June 18, 2009. . . . keep reading
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HUD Issues Mortgagee Letter Increasing Loan Limits 2009-07
This Mortgagee Letter provides information on Federal Housing Administration (FHA) single family loan limits that have changed as a result of the American Recovery and Reinvestment Act of 2009 (ARRA) signed into law on February 17, 2009. These limits are effective for those loans for which credit is approved in calendar year (CY) 2009 and will remain in effect until December 31, 2009. . . . keep reading
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