Today we’re announcing a newly updated set of policies for the FHA 203(k) Rehabilitation Mortgage Insurance Program. The program allows borrowers to use FHA-insured financing to include the cost of rehabilitation or repair in a single mortgage used to purchase or refinance a home: https://lnkd.in/eCPv_jPU
Looking forward to working within these newly announced program updates…
This is the change consultants have been waiting for.
EVERY YEAR THE NUMBER OF CONSULTANTS DIMINISHES BY 10%, DUE TO FEES THAT ARE NOT IN STEP WITH THE TIMES!
Sounds like a win!
THE FEE SCHEDULED FOR HUD CONSULTANTS IS STUCK IN THE 90’S.
This is GREAT and I will be sharing with my investor clients.
These are great changes!
Moving forward! That’s great news.
Vice President, National Renovation Lending at Planet Home Lending, LLC - NMLS ID# 690891
1moThe FHA 203(k) loan program has long been one of the best counter cyclical loan programs in the mortgage banking industry when the country and homeowners have needed it to access affordable housing. The changes announced today by HUD were much needed and are much appreciated by the mortgage banking industry. Of all of the changes made I think the biggest one is that lenders will be able to provide more home improvements to homes in rural areas and where there are not a lot of FHA 203(k) Consultants to facilitate Standard 203(k) loans. Great progress for all.