Guide to FHA Modernization
This new and exclusive report from Inside Mortgage
Finance will help you understand—and hopefully profit
from—all the new changes at FHA this year.
As recently as two years ago the FHA mortgage loan
accounted for just 1.8 percent of new originations, but their
share in early 2008 jumped to 13 percent and now is at 26
percent. Demand for FHA products continues to grow, as it’s
the only game in town for borrowers with less than perfect
credit or small downpayments.
This demand prodded Congress to pass legislation,
which FHA has wanted for two years. It didn’t provide
everything FHA asked for, but the agency is scrambling to
implement all the changes. And the industry is trying to get
up to speed on the status of risk-based premiums, seller-funded downpayments (banned by the Housing and
Economic Recovery Act), revised limits on loan-to-value
(LTV) ratios (recently implemented), and pending loan
limits. This Guide offers you clarification on the many
changes, during these history-making times for FHA.
You’ll Find Answers to Your
Questions, Such As...
- How do I accommodate borrowers with
nontraditional credit histories?
- What are the new rules on pre– and post-purchase counseling programs?
- What has changed regarding
condominiums?
- How have the rules on downpayment
assistance changed?
- What’s been modernized in the
manufactured housing program?
- What are the rules of the new mortgage
insurance premium structure?
- When do these changes go into effect?
- How has the reverse mortgage program
been expanded?
- And more!
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