The new Payment Supplement program will allow servicers to temporarily reduce a borrower’s monthly payment by up to 25% without modifying the mortgage’s current interest rate.
Facing criticisms that borrowers would intentionally default to qualify for VA’s upcoming loan-modification program, the agency noted that nearly 90% of its home loan portfolio is at a 2.5% to 3% coupon.
The MBA was part of a trade group coalition that called on the VA to align minimum property requirements with standards already established by the GSEs.
Department of Housing and Urban Development Chief of Staff Julienne Joseph this week provided an update on anticipated policy changes to the FHA single-family home loan program.
The average credit score for an FHA loan delivered into Ginnie Mae mortgage-backed securities increased in 2023, while average scores for VA loans didn’t budge. (Includes two data tables.)