Tag: 203k

FHA HECM-Reverse Mortgage Updates – Moratorium Extension – HECM Fraud

Written by: Melinda Hipp, Staff Writer HECM Updates & Interpretation:FHA Extends Exterior Appraisals to October 31 – Extends Foreclosure Moratorium Until Year End The Department of Housing and Urban Development announced the re-extension of exterior-only appraisals for case numbers on HECM’s (Reverse Mortgages) assigned on or before October 31, 2020. Details were provided in Mortgagee Letter […]

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FHA Mortgagee Letter 2020-24, Revision of Effective Date for COVID-19 – Updated Temporary Guidance for Verification of Self-Employment; Rental Income

Written by: Tracey Rumsey, Staff Writer This article highlights some important temporary guideline changes for FHA loans, especially for clients who are self-employed or have rental income. If you work with FHA loans this is a must-read! Rule Synopsis: Effective dates: Verification of business operations for self-employed borrowers and the rental income guidance is effective […]

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FHA HECM-Reverse Mortgage Updates for August

Written by: Melinda Hipp, Staff Writer Each month our HECM expert brings you the latest updates for FHA-HECM loans.  If this is an area of interest for you, make sure that you stay up to date with the changes by reading this article. Rule Synopsis: HUD issued mortgage letter 2020-24 Temporary guidance for case numbers […]

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FHA HECM-Reverse Mortgage Updates – COVID19 and SWAP Rate

Written by: Melinda Hipp, Staff Writer Big things are happening in Reverse Mortgage world.  It sounds like there are some massive nuggets of opportunity in this update! Rule Synopsis: The last 8-12 weeks have been a crazy time, both for the world, the USA and for the mortgage industry.  This includes the specialized Reverse Mortgage […]

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FHA – 203K Refinance-Rental Unit: Can a 203K rate/term refinance be used to renovate a unit of a 2-4 unit property, and can this rental income be counted to qualify?

Answer: FHA does not have any special provisions for calculating rental income on a 203K loan. The standard guidelines will apply and the rental income can be used per the policies below. Reference: (I) Rental Income (TOTAL) (1) Definition: Rental Income refers to income received or to be received from the subject Property or other real estate […]

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