The U.S. Department of Housing and Urban Development (HUD) on Wednesday announced that it has released five new language translations for 19 separate single-family mortgage documents used for Federal Housing Administration (FHA)-insured mortgage servicing. The new translations — which are available in Chinese, Korean, Spanish, Tagalog and Vietnamese — are accessible from FHA’s language access webpage
Key takeaways FHA 203(k) loans provide funding to finance both a home’s purchase and the cost of repairing it. If you qualify, you can obtain one from an FHA-approved lender. This type of loan is reserved for borrowers who intend to live in the home, not house-flippers or investors. There are two types of 203(k)
The U.S. Department of Housing and Urban Development (HUD) has terminated the Federal Housing Administration (FHA) direct endorsement approval for Open Mortgage in Iowa. “HUD placed Open Mortgage on credit watch for the Des Moines HOC [homeownership center], which only impacts our loans in Iowa,” Christopher D’Auria, president and CEO of Open Mortgage, told HousingWire.
Mortgage lending in the U.S. dropped by 6.7% in the first quarter of 2024 to 1.28 million mortgages secured by residential property, the 11th drop recorded in the past 12 quarters and the lowest level since the year 2000, according to the newest U.S. Residential Property Mortgage Origination Report compiled by data provider Attom. This
If it weren’t for loans backed by the Federal Housing Administration (FHA), it’s likely that thousands upon thousands of people wouldn’t have been able to afford to buy their first home. Over the past 90 years, FHA-insured mortgages have enabled lenders to accommodate underserved households. Yahoo Finance has researched lenders offering FHA loans, examined the
While reverse mortgage volume in 2024 got off to a rocky start, new data that breaks out retail Home Equity Conversion Mortgage (HECM) endorsements versus wholesale production showed that it was the former that took the bigger hit in the first month of the year, based on new data compiled by Reverse Market Insight (RMI).