The Obama Administration is launching a revised version of HARP to expand the borrower which will qualify essentially helping many more people refinance who otherwise wouldn’t have under the original program.  Below is a list of FAQ’s. What is HARP? The Obama administration in 2009 rolled out HARP to refinance borrowers whose loans were backed [...]

The Federal Housing Administration (FHA) announced that it is increasing both upfront and annual premiums for its insured single family loans. An increase of 0.10 percent in the annual premium mandated by the Temporary Payroll Tax Cut Continuation Act of 2011 will be effective for all loans written after April 1. In addition, FHA is [...]

                                                                                                 Proposed FHA Changes… FHA Proposed Rule on Seller Concessions Yesterday, HUD published a request for comments (due in 30 days, by March 26) on their revised changes to policies for seller concessions. The new proposal is to limit seller concessions as follows: • Reduces the amount of permitted seller concessions to 3% or $6,000, [...]

The Federal Housing Administration (FHA) announced Friday that it is extending the suspension of its ‘anti-flipping rule’ through the remainder of 2011. FHA Commissioner David Stevens says the temporary waiver will accelerate the resale of foreclosed homes in neighborhoods that are overrun with abandoned properties and blight. The move is intended to help stabilize home [...]

The Federal Housing Administration’s Mortgagee Review Board (MRB) has revealed a list of over one thousand lenders against whom it has taken action over the last several months for violations of the agency’s program requirements. Infractions ranged from failing to notify the Department of Housing and Urban Development of changes in license status or office [...]