Per FHA Single Family Housing Policy Handbook, “HUD requires every property to be safe, sound, and secure to be eligible for FHA insurance”. The property must also comply with HUD’s Minimum Property Requirements (MPR) and Minimum Property Standards (MPS). These requirements and standards form the basis for identifying the deficiencies of the property that the [...]

BIG USDA changes coming for FY 2017… On October 1, 2016, the first day of Fiscal Year 2017 (FY17), both the upfront guarantee fee and annual fee (collectively the “fee schedule”) for purchase and refinance loans will decrease. We are reducing the upfront guarantee fee from 2.75% to 1%, and the annual fee from .5% [...]

HAMP extended… but with balance forgiveness??? With federal homeowner assistance programs set to expire this December, federal agencies outlined principles to provide a foundation for any future loss mitigation programs. In a white paper, the Treasury Department, HUD and the Federal Housing Finance Agency examines lessons learned from the government's financial crisis-era programs, calling the [...]