The Department of Housing and Urban Development is reminding lenders that veterans are eligible for special treatment under the Federal Housing Administration single-family loan program.Qualified veterans do not have to make a cash investment of 3% of the property's sales price to get an FHA loan, HUD says in a letter (2004-24) to lenders. Calculating the cash reduction is not always easy, however. So HUD has provided a chart and guidelines for lenders. In a low-closing-cost state, a veteran only has to come up with $2,938 in cash for a house with a sales price of $125,000 -- an $812 reduction from the normal 3%, or $3,750, cash requirement. In a high-closing-cost state, a veteran has to come up with $2,813 for the same loan -- a $937 reduction. The special treatment is not supposed to "supplant" the home loan benefits offered by the Department of Veterans Affairs, HUD says. But in certain circumstances, "this additional mortgage financing opportunity being provided by FHA may directly benefit" veterans.
-
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
1h ago -
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25