HUD has new mortgagee letters out we all need to know about

By
Home Inspector with 203kOnLine.com, covering California & most other states S0289

Prohibition of Seller-Funded Downpayment Assistance Programs

 

Mortgagees are reminded that the use of downpayment assistance programs where the funds for the homebuyer’s required investment in the property are provided by the seller or any other person or entity that financially benefits from the sale of the home, or any third party or entity that is reimbursed directly or indirectly by the seller or any party that financially benefits from the transactions, is PROHIBITED under section 2113 of the Housing and Economic Recovery Act (HERA) of 2008.  Mortgagees are advised to exercise due diligence in the underwriting of FHA-insured loans using downpayment assistance to prevent insuring transactions prohibited under section 2113 of HERA.  Further guidance on this issue with details on lender responsibilities is forthcoming in a Mortgagee Letter.

 

AND

 

FHA Webinar: HUD REO M&M-III Protocol & the FHA 203-K Loan:

 

April 14, 2011 – Webinar: HUD REO M&M-III Protocol & the FHA 203-K Loan. Learn general principles of the REO M&M-III program and the 203-K & 203-K Streamline programs.  This training will explain how the sale of HUD REO properties is accomplished and why the 203-K loan is a perfect vehicle to complete needed repairs, updates and upgrades.  The 203-K & 203-K Streamline can also be used when purchasing or refinancing any one to four family property in need of updating or repairs. This training is designed for Loan Officers, Real Estate Brokers and Sales Agents. All times are Eastern Standard Time. Registration required, no fee. More info at:https://www1.gotomeeting.com/register/608432728

Posted by

Mike Young, 203k Team Leader    Mike ready for your 203k order

With offices coast to coast and HQ now at PMB 168, 5055 Business Center Drive, Suite 108 Fairfield, CA 94534 1.707.812.7668. We have fourteen offices in CA covering both CA states, NorCAL and SoCAL where we can cover the entire state.

To learn more about the FHA 203k loan program go to www.203kOnLine.com. To contact us for a consultation please go to www.my203kconsultant.com and "order a consultation". If you like what you see here please take a look at Another blog by Mike Young in Spanish and other languages. Got a 203k porject giving you "fits" contact Mark from NV at www.203k911.com, is having more fun with this new site than anyone should. If you are looking for a quality 203k software for ease of underwriting and to help lenders and consultants provide quality service and reports to their clients.

Skype name: the203kconsultant

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Topic:
Mortgage / Finance
Location:
California Alameda County Berkeley
Groups:
Pleasanton, California
Livermore, California
Keller Williams 'Rainers
Davis Real Estate
Castro Valley, California
Tags:
seller paid down payment assistance
203k is perfect for use with hud homes

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Rainmaker
162,129
Lorinda Ward
Keffer Realty - Norfolk, VA
Serving, Hampton Roads Virginia. Norfolk, Chesapeake, Va Beach

Great information, I have been trying to keep up with what they are doing.  Thank you for sharing

Apr 02, 2011 06:03 PM #1
Rainer
234,320
Doug Bullwinkel
Vitek Mortgage Group - Roseville, CA
NMLS #281609

Lot's more changes are coming soon.  Stay tuned.

Apr 02, 2011 06:16 PM #2
Rainmaker
440,260
Mike Young
203kOnLine.com, covering California & most other states - Fairfield, CA
FHA 203k Consultant 707-812-7668

All of us "in the know" understand that one of those things coming up from HUD will be very powerful for our businesses. I know we can't wait. Thanks for your comments guys... 

Apr 03, 2011 12:23 PM #3
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Rainmaker
440,260

Mike Young

FHA 203k Consultant 707-812-7668
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