FHA raises loan limits for 2022; VA announces new maximum allowable legal fees; FHA extends use of alternative methods for face-to-face interviews with borrowers; Ginnie extends the use of alternative audit procedures; FHA is hiring; Mr. Cooper sells reverse servicing portfolio; Ginnie Mae to host a webinar on its single-family pool delivery module.
Spouses and children of Black World War II veterans who were shut out of the VA home loan program would be eligible under new legislation introduced this month.
First-time homebuyers seeking loans backed by FHA, VA or the Rural Housing Service are among those eligible for the DPA program under the Build Back Better Act.
Beginning Dec. 1, VA is increasing the appraisal fees of residential mortgages in its loan guarantee program in response to unprecedented demand for appraisal services.
While FHA plans to provide low-cost financing for borrowers mitigating climate hazard, Ginnie said it will consider backing housing programs with environmental, social and governance innovations.
Ginnie extends certain COVID-related exemptions; VA introduces new API; FHA upgrades its tech platform; FHA to host session for nonprofits that want to bid on distressed properties; FHA announces lender recertification training session; and NAR says student debt dampening homebuying among millennials.
Borrowers can still qualify for a VA-guaranteed mortgage even if they have gaps in employment due to COVID-19. Lenders are encouraged to use "good judgement and flexibility" while verifying a borrowers income.
The share of residential mortgages in forbearance decreased for the ninth straight week to 4.47%. Overall, 2.23 million homeowners remain in forbearance, according to the Mortgage Bankers Association.
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