FHA offers many events and training, including a series of updated pre-recorded training modules, covering multiple topics on FHA Single Family Housing policies, processes, and technology. FHA provides on-site trainings, self-paced pre-recorded trainings, and archived webinars and even has a YouTube channel. Many of these trainings are targeted to 203k Consultants and provide information on the 203k Rehabilitation Mortgage Insurance Program.
On January 24 2018, the Federal Housing Administration (FHA) issued a temporary waiver of its Limited 203k program policy regarding the time period in which borrowers may be prevented from occupying the property as a result of repairs in determining whether a repair is considered “major.” The temporary waiver applies to Limited 203(k) mortgages closed on or before June 30, 2018, secured by properties in the Commonwealth of Puerto Rico.
The Federal Housing Administration understands the needs of those affected by the recent hurricanes. On November 9th the Federal Housing Administration (FHA) issued a waiver covering all municipalities in Puerto Rico impacted by Hurricane Maria (Maria), allowing damage inspections to be conducted beginning November 9, 2017. This waiver is in addition to the waiver issued by FHA on October 24, 2017, of its policy on the time frame for completing the inspection of properties prior to closing, or submitting the mortgage for FHA insurance endorsement in the Presidentially-Declared Major Disaster Areas (PDMDAs) in municipalities in Puerto Rico impacted by Maria.
This includes all properties utilizing the 203k Rehabilitation Mortgage Insurance Program.
On October 20 2017 the Federal Housing Administration (FHA) published Mortgagee Letter 2017-15, Extension of Initial Disaster Foreclosure Moratorium for Properties in Specified Areas Impacted by Hurricanes Harvey, Irma, and Maria. This Mortgagee Letter (ML) communicates specific guidance for the extension of the foreclosure moratorium for FHA-insured properties in the U.S. Department of Homeland Security’s Federal Emergency Management Agency (FEMA)-designated Individual Assistance Areas that are located within the Presidentially-Declared Major Disaster Areas for Hurricanes Harvey, Irma, and Maria. The extension of these three initial moratoriums applies to the initiation of foreclosures and foreclosures already in process.
Applying for a 203K loan can be one of the best methods home buyers can use to invest in a piece of property. They have been designed to help prospective buyers take a risk on a property that has become damaged over time. The loan itself may also provide these buyers with the funds that they need to repair the damage itself. This could allow the home to be restored and potentially even resold by the owner on the market for a higher price.
Rehabilitation Mortgageser 1
General D HOC Reference Guide
203k Rehabilitation Mortgages
Appraisal & Property Requirements
The Section 203(k) program is the Department’s primary program of General or the rehabilitation and repair of single-family properties. The Section 203(k) program is the Department’s primary proforma for the rehabilitation and repair of single-family properties. The program allows the borrower to get just one mortgage loan, at a long-term fixed or adjustable rate, to finance or refinance both the acquisition and the rehabilitation. Please see: HUD Handbook 4240.4 rev-2 and 4150.2 Appendix B-Please see: HUD Handbook 4240.4 and 4150.2 Appendix B-1 for additional information. See Mortgagee Letter 2005-50 for information on the Streamline 203(k) process. The 203(k) loan program may only be used condominium units located within structures (buildings) containing no more than 4 units. The repairs involving a condominium unit are limited to the interior space of the unit. (Cooperatives are not eligible for 203(k) mortgage insurance). Also see: HUD Form 92700 203(k) Maximum Mortgage Worksheet (2/06).