FHA

Joint Statement on Continued Efforts to Connect Homeowners to Pandemic Relief Issued

The Secretaries of Housing and Urban Development Marcia L. Fudge, Veterans Affairs Denis McDonough, Agriculture Tom Vilsack and Treasury Janet L. Yellen are calling on servicers of federally backed mortgages to make every effort to ensure no individual or family unduly experiences unnecessary hardship or foreclosure while assistance is available under the Homeowner Assistance Fund. The…

HUD: FHA Takes Additional Steps to Expand Affordable Housing Supply through FHA’s Claims without Conveyance of Title

Mortgagee Letter supports the Biden-Harris Administration’s efforts to increase the supply of affordable housing and expand access to homeownership for low- and moderate-income homebuyers. The Federal Housing Administration (FHA) announced on Thursday that it published Mortgagee Letter (ML) 2022-08, Expanding Affordable Housing Supply Through FHA’s Claims Without Conveyance of Title. The ML adds an initial 30-day exclusive…

HUD: FHA Insures $65.5 Million Mortgage for Energy Efficient Transit-Oriented Development in Roselle, IL

Insurance endorsement provided by FHA supports creation of 295 new construction rental homes The Federal Housing Administration (FHA) announced today, April 21, that it has closed on a $65.9 million loan insured under FHA’s 221(d)(4) New Construction Mortgage insurance program for Metro 19 Apartments in Roselle, Illinois. The insured loan will help finance the construction…

HUD: FHA Adds 40-Year Mortage Modification with Partial Claim to Home Retention Options for Struggling Borrowers

Addition to loss mitigation home retention options allows servicers to assist additional FHA forward mortgage borrowers who are behind on mortgage payments due to COVID-19. The Federal Housing Administration (FHA) announced on Monday that it is adding a new, 40-year mortgage modification option for mortgage servicers to use in conjunction with its partial claim option to assist…

HUD: Rental Assistance Demonstration Conversion Transaction Closed with the Housing Authority of Duluth, MN to Preserve 387 Homes for Low-Income Families

Transaction will allow for King Manor and Tri-Towers rental homes to remain permanently affordable to low-income Duluth residents on the Project-Based Rental Assistance platform The U.S. Department of Housing and Urban Development’s Office of Multifamily Housing on March 24 closed a Rental Assistance Demonstration (RAD) transaction with the Housing and Redevelopment Authority (HRA) of Duluth,…

HUD: FHA Insures $12 Million Mortgage for Urban Redevelopment of Affordable Multifamily Housing in Baltimore

Insurance endorsement provided by FHA supports affordable financing to create 87 rental homes throughout several lots The Federal Housing Administration (FHA) announced on March 17 the final endorsement and completed construction of a $12 million loan insured under FHA’s 221(d)(4) mortgage insurance program for Marshall Gardens in Baltimore, Maryland. The property was named after Thurgood…

HUD: FHA Insures $24.5 Million Mortgage for Affordable Multifamily Housing in Northeast Denver

Insurance endorsement provided by FHA supports affordable financing to create 119 rental homes The Federal Housing Administration (FHA) announced on [February 28] that it has closed on a $24.5 million loan insured under FHA’s 221(d)(4) new construction mortgage insurance program for Wildhorse Ridge in Denver, Colorado. The insured loan will be used to finance the…

HUD: FHA Removes Temporary COVID-19 Underwriting Mitigants for Multifamily Transactions

Resilient portfolio performance allows return to Multifamily Accelerated Processing Guide standard requirements for reserves, escrows, and cash-out refinance transactions The Federal Housing Administration (FHA) announced on Monday at the Mortgage Bankers Association Commercial/Multifamily Finance Convention & Expo that it is removing temporary COVID-19 underwriting mitigants for multifamily transactions insured under Section 223(f) of the National Housing Act,…

HUD: FHA Real-Estate Owned Property Purchase Opportunities Expanded for Owner-Occupied Buyers

Expanded exclusive listing period increases priority purchase opportunities on HUD-owned single-family homes for owner-occupants, HUD-approved nonprofits, and governmental entities. The Federal Housing Administration (FHA) on Thursday announced it is increasing its exclusive listing period on certain HUD single-family real-estate owned (REO) homes to allow more time for owner occupants, HUD-approved nonprofit organizations, and governmental entities to submit…

HUD: Disaster Assistance Announced for Alabama Disaster Survivors

The U.S. Department of Housing and Urban Development (HUD) today announced the implementation of federal disaster assistance for areas in the State of Alabama affected by severe storms and flooding from October 6 to October 7, 2021. On December 21, President Biden issued a major disaster declaration for the counties of Jefferson and Shelby. Federal funding, provided…