Housing Finance and Policy Guidelines

FHA Clarifies New ‘Credit Dispute’ Rule

The Federal Housing Administration is giving borrowers a chance to provide an explanation on any disputed collection accounts in their history in order to qualify for an FHA-backed mortgage.

Effective January 17, 2012, the Federal Home Loan Bank of Atlanta now features 5 Affordable Housing Program ‘set-aside’ products that are available in Maryland.

First Time Homebuyer Product – matching funds for the purchase of a home, ONLY first time buyers

Community Stability Homebuyer Product – matching funds for the purchase and/or rehabilitation of a home located in an area targeted for stabilization by state, local or federal agency. Borrower does not have to be first-time buyer.

Foreclosure Recovery Homebuyer Product – matching funds for the purchase and/or rehabilitation of a home being sold by a FHLB member’s REO portfolio. Borrower does not have to be a first-time buyer.

Energy Efficiency/Weatherization Rehabilitation Product – funds for energy-efficiency and weatherization-related rehabilitation of an existing homeowner’s primary residence.

Accessibility Rehabilitation Product – funds for the accessibility-related rehabilitation of an existing homeowner’s primary residence.

New FHA annual and upfront premiums announced!

FHA has published ML 2012-04 detailing annual and upfront mortgage insurance premium changes effective on or after 4/9/12 and for some loans on or after 6/11/2012.

NEW! More Help for "Underwater" Borrowers

The Home Affordable Refinance Program (HARP) enables borrowers who owe more than their home is worth to take advantage of current low interest rates and other refinancing benefits. Under the guidelines to be released by 11/15/11, there is no maximum LTV if the borrower refinances under HARP and the new loan is a fixed rate mortgage.

FHA-approved Condominums

Condominium look-up page: https://entp.hud.gov/idapp/html/condlook.cfm
FHA Connection: https://entp.hud.gov/clas/index.cfm

Search for Affordable Financing Programs

Check out this tool and find a financing program to help make your home mortgage more affordable! There are programs for all buyers, including first-time buyers, and homeowners to find ways to keep housing costs low. The programs include all federal, State of Maryland and local programs that may be available to help with downpayment and closing assistance, low-interest mortgages, rehabilitation/repairs and taxes.

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