Surprisingly, one of the brightest spots of the president’s State of the Union Address last night which might have received a standing ovation from both sides of the aisle barely received a passing mention!
Normally HUD Mortgage Letters are pretty boring stuff but the FHA recently made headlines when they issued the HUD Mortgagee letter 13-26 dated 08/15/2013 with the subject ‘Back to Work – Extenuating Circumstances’.
This loan can help you buy and repair a fixer-upper or what is sometimes called a Handyman special
FHA 203k loans are loans that are insured by the Federal Housing Administration The federal government designed these loans to encourage lenders to fund seemingly risky home purchases. Risky, because they are homes that either don’t meet HUD standards for occupancy and are in need of major renovation or simply need some updating but the updates are causing the homes to fall short of market expectations.
Private Mortgage Insurers leading the way in housing recovery
One of the earliest indicators of the housing meltdown which began in 2007 was that issuers of Private Mortgage Insurance (PMI) began to contract their underwriting guidelines for issuing PMI policies. In fact, so bad was the meltdown that many PMI companies either stopped issuing policies altogether while some were even forced file for bankruptcy protection. Continue reading Private Mortgage Insurance helps lead the way in the Housing Recovery→