In a post today from CNN's "State of the Union" interview with HUD Secretary Shaun Donovan, Bloomberg reports that house prices are unlikely to decline further, and they expect to see a rise in prices in the third quarter. This is due to the reduction in number of people defaulting on their mortgages, down 40% [...]
The US Housing and Development has awarded Maryland $6.8 Million to help stop foreclosures as part of the Neighborhood Stabilization Program. Areas receiving awards are allowed to use the money to buy land and property to either rehabilitate or knock down houses, and also to offer downpayment and closing cost assistance programs to low-to-moderate income [...]
Does HUD owe you a refund? If you had an FHA-insured mortgage after September 1, 1983 and meet certain qualifications (including no refinance), then possibly! Here are the eligibility requirements from their website: Who may be eligible for an FHA refund or share? Premium Refund: You may be eligible for a refund of a portion [...]
FHA is offering refinances for qualifying underwater borrowers, according to a mortgagee letter sent out by HUD last week. Mortgagee Letter 2010 -23 came as a result of the changes announced by HUD in March 2010 in the MHA (Making Housing Affordable) FHA program. The letter states that the focus of the program is: These [...]
News came out yesterday in a New York Times report that there were loan denials to people because of the fact that one member of the family was expecting a baby, and now HUD is going to investigate the possible loan denials to pregnant borrowers. Shaun Donovan, of HUD, stated to the New York Times: [...]
From our esteemed guest blogger, Tasha Linton, of Atlantic Home Equity Mortgage, more details about the first time homebuyer $8000 tax credit and how it can and cannot be used for buying a home. -------------------------- I am sure everyone heard about another change to the $8000 tax credit policy. On Friday, HUD Secretary Shaun Donovan announced [...]
**Update May 14, 2009, please see my update that HUD has retracted its statement and that this may NOT be the case everywhere.** The Secretary of the U.S. Department of Housing and Urban Development announced at the National Association of Realtors summit today that the FHA is going to allow lenders to let First Time [...]