Change to Allowable Closing Costs for 203(k) Rehabilitation Loans (Nov. 3rd, 2009):

Please click here, to see Notice H2009-17 which revises certain provisions related to allowable closing costs for 203(k) rehabilitation loans.  For 203(k) loans, HUD will reimburse loan origination fees up to: one percent (1%) of the total 203(k) mortgage amount, plus the Supplemental Origination Fee calculated on line B11 of form HUD-92700 (line B11 is the greater of $350 or 1.5% of the total of rehabilitation costs and allowable fees.)

 

Federal Housing Administration "FHA"

The Federal Housing Administration, generally known as "FHA", is the largest government insurer of mortgages in the world.  A part of the United States Department of Housing and Urban Development (HUD), FHA provides mortgage insurance on single-family, multifamily, manufactured homes and hospital loans made by FHA-approved lenders throughout the United States and its territories.  While borrowers must meet certain requirements established by FHA to qualify for the insurance, lenders bear less risk because FHA will pay the lender if a homeowner defaults on his or her loan.  FHA has insured over 37 million home mortgages and 47,205 multifamily project mortgages since 1934.  Currently, FHA has 5.2 million insured single-family mortgages and 13,000 insured multifamily projects in its portfolio.  Clearly, FHA provides a huge economic boost to the country in the form of home and community development, particularly in today's challenging financial climate.

 

For information regarding the following, click here:

1. 1.  Buying a HUD Home
2. 2.  FHA Resources, click here
3. 3.  FHA Financing Programs
4. 4.  Avoid Foreclosure, click here

Whether you're in foreclosure now or worried about it in the future, we have information that can help.

Get Help Now!

• Talk to a foreclosure avoidance counselor
• Talk to your lender
• Find state and local foreclosure resources
• Contact HOPE NOW

 

Keep Your Home

• Are you at risk of foreclosure?
• Tips for Avoiding Foreclosure
• Foreclosure scams

 

Refinance Options

• Making Home Affordable Program
• Learn about HOPE for Homeowners
• Who to call when a lender won't work with you

 

If You Can't Keep Your Home

• Redemption period - your last chance to save your home
• Local renting resources
• Rental assistance
• Relocation resources
• U.S. Postal Service Movers Guide

 

What is a HUD Home?  A HUD Home is a foreclosed property that has been conveyed to the U.S. Department of Housing and Urban Development (HUD) when the homeowner fails to make payments on their FHA insured mortgage.

 

Who can buy a HUD Home?  Anyone who can qualify for a mortgage or pay cash may buy a HUD Home.  There are two types of HUD Home purchasers: Owner Occupants and Investors.  An owner occupant buyer is a person who will live in the property as their primary residence for at least one year and may not purchase another HUD Home as an Owner Occupant for two years.