The Federal Housing Administration has raised the loan limit on its streamlined 203(k) home repair program from $15,000 to $35,000, which is much higher than expected.The FHA also dropped the $5,000 minimum on home repairs in revamping the streamlined program, which was rolled out last spring for the first time. The streamlined 203(k) program allows homebuyers to roll the cost of repairs into an FHA first mortgage. Unlike the main 203(k) program, the streamlined program is open to all FHA-approved lenders and does not require a consultant to oversee construction. Mortgagee letter 2005-50 outlines the types of repairs that are covered under the streamlined 203(k) program. The letter also clarifies that the streamlined program can be used in FHA refinancings and purchases of FHA-foreclosed properties. Last fall, FHA officials told lenders that they were disappointed by the response to the new streamlined program and that they planned to raise the maximum loan amount. These changes are "designed to make the program more reflective of the desire of many homebuyers and existing homeowners to improve their homes, including making them more energy efficient," the FHA mortgagee letter says.
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While existing home sales aren't measured in GDP, many of the things which come along with it are, and those are likely to start trending down, First American said.
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While foreclosure numbers in the first six months of this year were up compared to 2024, starts eased as the spring progressed, according to Attom.
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The merger of the firm's lending arm and Figure Markets is a reaction to a thawing regulatory environment.
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The legislation is a direct response to HUD's effective elimination of the PAVE task force and comes amid ongoing debates over DEI policies in the federal government.
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The Indiana loan officer was previously sued by Ruoff Mortgage for fraudulent originations it estimated would cost the company over $1 million to repurchase.
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The new arrangement will allow Blend customers to have access to Doma's artificial intelligence-powered instant decisioning title insurance technology.
July 18