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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Lenders and other businesses active in the state also stepped up with large donations and charitable campaigns in the days following the flooding disaster.
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The move their regulator Bill Pulte announced introduces competition for one metric but charges from three credit bureaus will remain in place.
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California-based Dunmor said it is launching a wholesale division, which will be led by a former Newfi executive.
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A federal judge rejected defenses by a brokerage that acknowledged selling loans to both United Wholesale Mortgage and rival Rocket Pro TPO.
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Onity Group's Jack Cavanagh describes how data science has changed processes in the mortgage industry and what type of misconceptions still exist about AI.
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New research from the Federal Reserve Banks of New York and San Francisco says markets put the odds of zero interest rates lower today than in the recent past, but economic uncertainty raises the potential for drastic cuts in the "medium to long term."
July 7