Tag: FHA

FHA Underwriting Guidelines for Borrowers with previous Mortgage Payment Forbearance – Mortgagee Letter 2020-30

Written by:  Tracey Rumsey, Staff Writer Rule Synopsis: Effective dates May be implemented immediately but must be implemented for case numbers assigned on or after November 9, 2020. Affected Programs Only Title II Single Family Forward programs. New FHA Mortgage Eligibility A borrower will be considered eligible for a new FHA-insured mortgage when previously granted […]

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Reverse Mortgage Fraud unfortunately happens every day! We have access to a bulletin that highlights the types of fraud happening during the pandemic.  Comment below and I will send you a copy of this bulleti

Reverse Mortgage Fraud unfortunately happens every day! We have access to a bulletin that highlights the types of fraud happening during the pandemic.  Comment below and I will send you a copy of this bulleti

Related Article Title: 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 […]

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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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Attention Divorced Clients! If your ex was awarded your home and they started making late payments or went into foreclosure after your divorce, a new lender will not hold you responsible as long as all payment were current at the time of the divorce.  If this sounds like your situation, let’s talk about your options!

Attention Divorced Clients! If your ex was awarded your home and they started making late payments or went into foreclosure after your divorce, a new lender will not hold you responsible as long as all payment were current at the time of the divorce.  If this sounds like your situation, let’s talk about your options!

Related Article Title: Home Awarded to Ex-Spouse Goes into Foreclosure After the Divorce Question: My client’s ex-spouse was awarded the home in the divorce agreement.  After the divorce, late payments and ultimately a foreclosure occurred.  Will this affect my client’s ability to get an FHA loan? MC Chart- Divorced Borrowers – All Agencies Answer: Foreclosure […]

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Interesting Fact! Did you know that lenders consider a timeshare an installment loan and not a mortgage loan?  That can be an important detail if you have run into an issue with a timeshare.  Need more details?  PM me and let’s chat!

Interesting Fact! Did you know that lenders consider a timeshare an installment loan and not a mortgage loan?  That can be an important detail if you have run into an issue with a timeshare.  Need more details?  PM me and let’s chat!

Related Article Title: Timeshare Derogatory Credit Issue Question: How is adverse credit on a timeshare viewed by Fannie Mae, FHA and USDA? Answer: Fannie Mae Says If you have no feedback requirements that require you to provide additional information, you should be okay, as long as you have an Approve/Eligible response. Of course, it is […]

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