The Department of Housing and Urban Development, through the Federal Housing Administration, updated policies for its 203(k) Rehabilitation Mortgage Insurance Program. Officials say the updates modernize and enhance the program for homeowners looking to affordably finance home renovations and rehabilitations when purchasing or refinancing. Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon and…
The Federal Housing Administration is celebrating its 90th birthday, and its impact on U.S. housing and finances has been widespread. The FHA was created in 1934 by the National Housing Act as a way to help restructure the financial system during the Great Depression. Its goal was to improve housing standards, provide a method of…
The Federal Housing Administration introduced a new offering to help struggling homeowners avoid foreclosure. The offering, called the Payment Supplement, is a loss mitigation home retention option available to borrowers with FHA-insured single-family mortgages. Payment Supplement gives mortgage servicers a tool to reduce the borrower’s monthly payment by up to 25% without modifying the rate…
By ERIN FLYNN JAY and KIMBERLEY HAAS A recent report from Redfin shows that Baby Boomers with empty nests own double the amount of large homes compared to Millennials with kids. So what if Grandma and Grandpa moved into an accessory dwelling unit and the three generations lived together so everyone could have some space?…
By KIMBERLEY HAAS The question of whether technology alone can eliminate racial bias during the home appraisal process came up during a hearing held in Washington, DC, on Wednesday. The Federal Financial Institutions Examination Council’s Appraisal Subcommittee was holding its third public hearing when the topic was discussed. Member JeanMarie Mattingly, who serves as deputy…
By KIMBERLEY HAAS A new policy that allows lenders to count income from accessory dwelling units when underwriting a mortgage will help provide affordable homes for those who need them most, according to a top housing official. Julia Gordon, who serves as the assistant secretary for housing and federal housing commissioner at the U.S. Department…
By KIMBERLEY HAAS Officials at the U.S. Department of Housing and Urban Development have awarded funding from a program established by the Inflation Reduction Act to owners of assisted multifamily housing properties and the money is going to climate-related investments. The act, signed into law by President Joe Biden on Aug. 16, 2022, has done…
By NICOLE MURRAY There have been 1.3 million cases where loss mitigation options have helped borrowers remain in their homes since the start of the Covid-19 pandemic, according to officials at the U.S. Department of Housing and Urban Development. A few common tools available through these home retention programs include a loan modification, forbearance agreement,…
A new independent office has been created for manufactured housing programs at the U.S. Department of Housing and Urban Development. Employees at the Office of Manufactured Housing Programs will report to Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon, according to a press release. The office was previously organized under the Office of…
By SCOTT KIMBLER Leaders at the U.S. Department of Housing and Urban Development have unveiled their proposed budget for FY 2024 and say funds will be directed at solving the nation’s housing crisis. Secretary Marcia Fudge said in a statement that the proposed budget will help ensure every American has access to housing. “The budget…
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