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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A panel of DC Circuit Court judges ruled late Monday that the president had not met the stringent statutory requirements to block a lower court injunction, which allowed Federal Reserve Gov. Lisa Cook to remain at her post as her lawsuit challenging her dismissal is litigated.
3h ago -
The Senate voted 48 to 47 to confirm Stephen Miran to the Federal Reserve Board, just ahead of the central bank's rate setting committee meeting.
5h ago -
While equity still sits near historic highs, price growth moderation led to shrinkage of the total amount available and a rise in underwater mortgages.
8h ago -
Consumers are so concerned about rising costs that they often forego coverage altogether, according to two separate studies from Valuepenguin and Realtor.com.
9h ago -
Getting a dwindling number of mortgages distressed for over a year off the books could improve the enterprises' financial position.
11h ago -
California-based Linkhome Holdings' new platform allows buyers to use cryptocurrency for property purchases.
September 15