Mortgage Insurance Homes

 

Helps enable people to purchase a home or refinance an existing mortgage.

Active 14.117 Office of Housing-Federal Housing Commissioner, Department of Housing and Urban Development F - Guaranteed/Insured Loans Not applicable. National Housing Act, as amended, Section 203(b), Public Law 73-479, 12 U.S.C. 1709, 1715(b)., Title National Housing, Part II, Section 203, Public Law 73-479, U.S.C. , Statute , All legal residents with a valid Social Security Number are eligible to apply. State and local government agencies, HUD approved non-profit organizations and individuals employed by the Work Bank or a foreign embassy are not required to provide a Social Security number. Individuals/families. Documentation regarding the characteristics of the property and the qualifications of the borrower are assembled by the HUD-Approved lending institution and submitted with the application. Preapplication coordination is not applicable. 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. Application is submitted for review and approval or disapproval through a HUD-approved lending institution. Application is submitted for review and approval or disapproval through a HUD approved lending institution. Not applicable. Not applicable. Not applicable. Not applicable. Not applicable. HUD insures lenders against loss on mortgage loans. These loans may be used to finance the purchase of proposed, under construction, or existing one-to- four-family housing, as well as to refinance indebtedness on existing housing. Not applicable. Not applicable. Lenders are required to service and maintain records in accordance with acceptable mortgage practices of prudent lending institutions and the FHA regulations. Statutory formula is not applicable to this assistance listing.

Matching requirements are not applicable to this assistance listing.

MOE requirements are not applicable to this assistance listing. The mortgage term may extend for 30 years. Method of awarding/releasing assistance: Lump. For additional information, individuals are encouraged to contact the FHA Resource Center by phone at 1-800-CALLFHA (1-800-225-5342), by email at answers@hud.gov or visit the FHA Resource Center site at https://www.hud.gov/program_offices/housing/sfh/fharesourcectr Kevin Stevens
451 7th Street, SW
Washington, DC 20410 US
answers@hud.gov
Phone: (800) 225-5342 https://www.hud.gov/program_offices/housing/sfh/ins/sfh203b 86-4587-0-3-371 (Guaranteed/Insured Loans) FY 22$255,613,001.00; FY 23 est $195,799,000.00; FY 24 est $225,000,000.00; FY 21$344,463,794,169.00; FY 20$310,325,010,903.00; FY 19$196,000,000,000.00; FY 18$209,049,612,807.00; - Average mortgage amount is approximately $200,000. There is no minimum mortgage amount. The maximum insurable loans are as follows: In areas where 115 percent of the median house price is less than 65 percent of the National Conforming Loan Limit ($510,400 for CY 2020), FHA "floor" limits are set at the 65 percent limit as follows: one-family $331,760; two-family $424,800; three-family $513,450; and four-family $638,100. Any area where the limits exceed the floor is known as a "high cost" area. In areas where 115 percent of the median house price exceeds 150 percent of the National Conforming Loan Limit for a one unit property, the mortgage limits are set at the 150 percent amount (ceiling)as follows: one-unit $765,600; two-unit $980,325; three-unit $1,184,925; and four-unit $1,472,550. The National Conforming loan Limit and corresponding FHA loan limits are adjusted annually based upon changes to median house prices. 24 CFR Section 203. HUD Handbook 4000.1 Not applicable.