Items Tagged with 'FHA mortgage'

ARTICLES

  • HUD declares FHA is no longer backing DACA mortgages

    "DACA recipients remain ineligible for FHA loans"
    After months and months of uncertainty about whether the FHA is backing mortgages for Deferred Action for Childhood Arrivals recipients or not, HUD has finally given an official answer. And that answer is no.
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  • FHA is increasing lending to riskier borrowers

    Share of borrowers with DTIs above 50% rises to highest level since 2000
    Citing rising risks among the mortgages it's backing, the FHA announced earlier this year that it was changing some of its lending rules to increase the prevalence of manual underwriting to try to decrease the risk in its portfolio. And it seems like those changes may be more than warranted, because new data released Friday shows that the FHA appears to be loosening its lending standards and backing loans for increasingly riskier borrowers.
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  • HUD sued over new down payment assistance rules for FHA mortgages

    Native American group claims "unlawful destruction" of down payment program
    Last week, HUD announced it was issuing new rules for down payment assistance on FHA mortgages. According to HUD and the FHA, the new rules were meant to provide clarity around what documentation would be required for borrowers who are using funds from another source to cover part of the their down payment. But, according to one group, those rules do much more than that. And now, the group is suing HUD to get the rule change overturned.
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  • HUD announces new rules for down payment assistance on FHA mortgages

    Claims "certain governmental agencies" may be operating outside existing rules
    The Department of Housing and Urban Development announced this week that it is issuing new rules for down payment assistance on mortgages insured by the Federal Housing Administration. Click the headline for a full breakdown of which rules are changing and why.
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  • Watchdog: FHA incorrectly insured $1.9 billion in mortgages in 2016

    HUD-OIG report finds FHA insured nearly 10,000 ineligible borrowers
    A new report from a federal watchdog finds that the Federal Housing Administration incorrectly insured approximately $1.9 billion worth of mortgages in 2016. The new report, which was published recently by the Department of Housing and Urban Development Office of Inspector General, found that in 2016, the FHA insured an estimated 9,507 borrowers who were actually ineligible for FHA insurance.
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  • No FHA premium cut coming; Flagship insurance fund falls in 2017

    Capital ratio still above Congressionally mandated threshold, but falls from 2016
    The thought that the Department of Housing and Urban Development would announce a cut to Federal Housing Administration mortgage insurance premiums appears to have been just that – a fleeting thought. HUD announced Wednesday that premiums will not be cut, due in part to the weaker-than-expected performance of the FHA’s flagship insurance fund.
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  • HUD bans Seckel Capital for falsifying FHA lending docs

    Company owner John Seckel also suspended from doing business with government
    Pennsylvania-based mortgage lender Seckel Capital will no longer be allowed to originate or underwrite Federal Housing Administration mortgages after an investigation from the Department of Housing and Urban Development found that the company repeatedly lied to the FHA about its financials.
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