Last week HUD Santa Ana visited WeMAR. Nancy West and Tom Rose spent two mornings updating the WeMAR Task Force, Board of Director members and Arizona GADs (Government Affairs Directors) the processes and programs being updated.
Here are few highlights:
Condo Rules will be issued later this summer
The new HUD Housing Counseling program will be released later this afternoon
Look for possible changes in the future for HECM (Reverse Mortgage loans) because of increasing losses.
FHA has always had, and still has, a manual underwriting program
April 19th HUD released updated guidance for DPA (Down Payment Assistance)
Mortgagee Letter 19-06 was released
The FHA Single Family Housing Policy Handbook 4000.1 was updated
April 18th HUD released guidance for borrowers with low FICO and high DTI (Debt to Income ratio)
The Total Mortgage Scoreboard has been updated.
In addition, the White House released its implementation plans for Opportunity Zones and the workflow for the White House Opportunity and Revitalization Council.
The IRS released more Opportunity Zone guidance.
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