Major Changes to Reverse Mortgage Rules

8/31/2017 | Casey Fleming — HUD announced this week a couple of major changes to their reverse mortgage rules.  HUD insures the most common reverse mortgage in the country (by far), the Home Equity Conversion Mortgage. Beginning with files that are registered after October 2nd, 2016, the up front funding fee will be 2.000% of...

Obama Eases Condo Loan Restrictions

From my friend and attorney extraordinaire, Herman Thordsen: Have you ever tried to get a loan on a condominium only to be frustrated when the loan was turned down because of problems with the condo project?  If so, you’re not alone.  But condo approvals just got a little easier. On July 29, 2016 President Barack Obama signed...

FHA Mortgage Insurance Premiums to Be Slashed

Housing and Urban Development (HUD) announced today that FHA mortgage insurance premiums for loans insured by the Federal Housing Administration will be reduced in order to expand access to affordable home financing to more families. FHA-insured mortgages are loans made by private companies that have a government-funded mortgage insurance policy paid for by the borrower...