Rules – September 10, 2017

USDA – SINGLE FAMILY HOUSING GUARANTEED LOAN PROGRAM: HB-1-3555 REVISIONS (Effective Date July 7, 2017)

Rule Synopsis: USDA Clarifies Power of Attorney requirements. Some Lenders misinterpreted guideline so call me for details! The Power of Attorney language revision to Chapter 16 of HB-1-3555 is more of a housekeeping/clarification issue than anything else. In summary, the Agency is saying that any Power of Attorney that complies with state law is eligible [...]

2018-10-05T19:31:37-05:00November 4th, 2017|

USDA-Manufactured Housing Pilots Under Section 502-SFH-Direct and Guaranteed-Dated July 21-2017

USDA has expanded their manufactured housing program to 5 additional states, bringing the total to 13 states. Curious? Call me! On July 21, 2017 USDA Rural Development released an unnumbered letter updating requirements and states participating in the pilot program for financing existing manufactured homes. The original pilot program was implemented on August 12, 2016. [...]

2018-10-05T19:31:30-05:00November 4th, 2017|

VA Circular 26-17-23 Hurricane Harvey Relief-Dated August 29-2017

Rule Synopsis: VA has issued their disaster relief policies for homeowners. Contact me fo information if you have been affected by a recent disaster. VA has issued an announcement about Hurricane Harvey; however, the general guidelines apply to all disaster-related areas. For instance, your area may be affected by wildfires, Hurricane Irma may cause damage, [...]

2018-10-05T19:33:25-05:00November 4th, 2017|

FHA Mortgagee Letter 2017-13, Extension of Temporary Approval Provisions for the Federal Housing Administration (FHA) Condominium Project Approval Process, Dated August 30, 2017 – Effective Immediately 

[Updated Chart – Condo Approval Comparison Chart] Rule Synopsis: FHA extends their temporary approval provisions for condos. For details on how this helps your business contact me! This Mortgagee Letter extends the temporary Condominium Project Approval guidelines issued in Mortgagee Letter 12-18 and 15-17 to allow time for completion of the final condominium rulemaking process. [...]

2018-10-05T19:34:20-05:00November 4th, 2017|

FHA Mortgagee Letter 2017-12, Home Equity Conversion Mortgage (HECM) Program: Mortgage Insurance Premium Rate and Principal Limit Factors, Dated – August 29, 2017 

[Updated Chart – FHA MIP Premium Chart – Effective October 2, 2017] AND [Updated Chart – FHA Historical MI Premium Chart] Rule Synopsis: FHA announces changes to the HECM/Reverse Mortgage program mortgage insurance rates. Contact me for details! The revisions described below are necessary to help stabilize the HECM program, improve its financial health, and ensure that [...]

2018-10-05T19:35:16-05:00November 4th, 2017|