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FHA Guidelines 2011

FHA Guidelines 2011 has been updated with guidance from a number of Mortgagee Letters that have been published by the United States Department of Housing and Urban Development (HUD) in recent times. The new revised version of FHA guidelines is now being made available to general public as well as to the professionals like lenders, appraisers and real estate agents through an easy-to-use online interface. The resources available on the website fhaoutreach.gov give an account of all those chapters of the concerned handbooks that have been edited with the changes.

The guidelines pertaining to loans insured by the Federal Housing Administration have been consolidated into handbooks 4155.1 and 4155.2. These handbooks have further been made current with guidance from Mortgagee Letters 10-23, 10-24, 10-28, 10-29, 10-35 and 10-36. Some of the chapters that have been updated as a result of these changes include chapters 3, 4, 5, and 6 of handbook 4155.1 and chapter 7 of handbook 4155.2. A complete list of Mortgagee Letters and the chapters that have been updated as a result of these MLs can be seen at the website mentioned above.

We are providing here a brief account of the changes that have been made to FHA Guidelines 2011.
  • Chapters 3 and 5 of handbook 4155.1 now include non-policy edits.
  • Chapter 9 of handbook 4155.2 now includes a list of acronyms.
  • Chapter 1 of 4155.1 has been made current with guidance from ML 10-14.
  • Corrections to ‘Who can provide a Gift” have been included in 4155.1.
  • The chapters 2.B, 4.7, 4.10 and 4.11 of handbook 4155.2 are updated with Clarifications to Lender Eligibility.
  • FHA Secure Program is deleted from chapter 6, section E of the 4155.1, because the program no longer exists.
  • Some terms defining protected classes under the Fair Housing Act have been modified in Chapter 1, Section B.
To get a detailed account of all updated portions of the handbooks, you must refer to the HUD resources available online. It is easy to retrieve information as you no longer need to read the complete handbook from start to finish. Instead you can perform a search by just providing a keyword or locating the part that might contain the information you need. Necessary help is available and it is also possible to get a print of the document.

For more information, visit the FAQ section of the website fhaoutreach.gov. For information related to some other aspects of the FHA loans you can also browse our website fha.realestatezing.com.

Website: http://www.fhaoutreach.gov/FHAHandbook/prod/index.asp





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