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Source: HUD Important FHA notice for all mortgagees: Delayed Implementation Date for New Requirements in ML 2009-28 Enactment of ML 2009-28, Appraiser Independence, will be delayed until February 15, 2010. ML09-28 (originally planned for a January 1, 2010 implementation) has two parts: a) prohibition of mortgage brokers and commission-based lender staff from the appraisal process, [...] In the current credit squeeze, if you have less than a 20 percent down payment, there’s pretty much only one major source of mortgage financing available: the Federal Housing Administration, the Depression-era home loan insurance agency that still offers 3 percent down, 30-year, fixed-rate mortgages with consumer-friendly credit standards, even on jumbo loans in high-cost [...] HUD has posted changes to the required down payment structure. These changes are effective for case numbers assigned on or after January 1, 2009. HIGHLIGHTS: Effective Date Case # assignments on or after January 1, 2009 Down payment 3.5% and can no longer consist of Borrower paid closing costs.. i.e. the entire investment is via [...] |
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