VA extends rescission date for circular on expanding home loan eligibility based on certain National Guard service; FHA issues mortgagee letter for Section 232 residential care facility mortgage insurance program; HUD allocates $70 million to 38 tribal communities; USDA updates guidelines on obtaining a payoff for a guaranteed loan mortgage recovery advance; HUD’s Office of Housing Counseling announces $10 million grant.
With the new FHA payment supplement loss-mitigation option, servicers will be able to temporarily lower a delinquent borrower’s monthly payment by up to 25%, and up to 30% of the loan’s balance can be directed into a junior lien as a partial claim.
VA processed 2,244 loan assumptions in 2023, compared with just 308 in the previous year. Under a VA loan assumption, a buyer takes over the seller’s mortgage at its existing terms.
Ginnie Mae is also revising the financial eligibility requirements for FHA Title I issuers to help increase lender participation in securitization of the loans.
Congressional lawmakers next week are expected to take up legislation meant to finalize fiscal 2024 funding bills before the latest continuing resolutions lapse.
USDA plans revisions to its single-family housing loan guarantee program guide; HUD raises civil monetary penalties; USDA lowers interest rates for its direct loan program; NAIHC names new executive director; FHA and USDA offer training opportunities in March.
The Supreme Court in a unanimous decision last week ruled that federal home loan agencies are not immune from civil monetary penalties for violations of the Fair Credit Reporting Act.
Loans to communities ranked with a high social vulnerability index made up roughly 22% of Rural Housing Service-guaranteed single-family home loans in the fourth quarter of 2023. (Includes data table.)
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