Tag: FHA

FHA Mortgagee Letter 2020-49, Revised Form HUD-92900-A, HUD Addendum to Uniform Residential Loan Application, Effective for use immediately, mandatory on March 22, 2021.

Written by: Tracey Rumsey, Staff Writer There are a lot of form changes this year and FHA is no exception in this revision. Read through this article to understand what was changed. Rule Synopsis: Effective dates May be used immediately for existing cases and must be used for FHA case numbers assigned on or after […]

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FHA HECM Updates

Written by: Melinda Hipp, Staff Writer HECM – Home Equity Conversion Mortgages, which are also known as Reverse Mortgages, are an important part of the mortgage lending landscape. Not every lender offers HECM loans, but if you do, we think you will find these updates helpful. Interpretive Comments: FHA Announces 2021 HECM Loan Limit The […]

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FHA will allow secondary financing to cover costs beyond your minimum required down payment. There are some things you will want to know first, so let’s talk!

FHA will allow secondary financing to cover costs beyond your minimum required down payment. There are some things you will want to know first, so let’s talk!

Related Article Title: Exceeding the Maximum Loan Amount when Using a Piggy-Back Loan – NEW MC Chart – FHA Secondary Financing Question: Will FHA allow a Piggy-Back/HELOC with a CLTV of 90% in order to meet the FHA loan limits? NEW MC Chart – FHA Secondary Financing Answer: Unfortunately, not. FHA requires that the Base […]

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Layoff During COVID? If you were laid off during COVID, you may be wondering how this will affect your ability to refinance or purchase a new home. Don’t worry, let’s chat!

Layoff During COVID? If you were laid off during COVID, you may be wondering how this will affect your ability to refinance or purchase a new home. Don’t worry, let’s chat!

Related Article Title: Calculating Variable Income During COVID Layoff Question: My client was out of work for several months due to COVID.  Fannie Mae and Freddie Mac are requiring us to back out the income for the time he was out of work.  Will FHA require this as well? MC – COVID Guidance – All […]

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Exceeding the Maximum Loan Amount when Using a Piggy-Back Loan – NEW MC Chart – FHA Secondary Financing

Question: Will FHA allow a Piggy-Back/HELOC with a CLTV of 90% in order to meet the FHA loan limits? NEW MC Chart – FHA Secondary Financing Answer: Unfortunately, not. FHA requires that the Base Loan Amount plus secondary financing amount must not exceed the Nationwide Mortgage Limits (See the applicable guideline below). Reference: 4000.1 II.A.4.d.i.(J) […]

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