Question: If a client is securing an FHA first mortgage combined with a down payment assistance program, how long is the waiting period to offer a refinance? Answer: Assuming you want to use the appraised value of the home for the refinance, the 2 loans together could be paid off and refinanced as a rate […]
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Written by: Tracey Rumsey, Staff Writer The back and forth over down payment assistance changes caused a lot of confusion over the past few months. Read this article for the final resolution of these changes. Rule Synopsis: Effective immediately the following Mortgagee Letters are rescinded: Rescission of Mortgagee Letters 2019-06, Down payment Assistance and Operating […]
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Written by: Tracey Rumsey, Staff Writer FHA is attempting to change their guidelines on down payment assistance. Read this article to find out where FHA presently stands on the subject. Rule Synopsis: The effective date of Mortgagee Letter 2019-06 (case numbers assigned on or after April 18, 2019) is suspended until further notice. Mortgagees must […]
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Written By: Tracey Rumsey, Staff Writer Down payment assistance has been a tumultuous ride for FHA as they once again attempt to clarify acceptable sources. Anyone utilizing DPA for their clients should read through this update. Rule Synopsis: Effective for loans with case numbers on or after July 23, 2019 lenders must obtain the following […]
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