|FHA Guidelines are what govern the loan processing procedures followed at a lender approved by the Federal Housing Administration. These guidelines comprehensively cover all aspects of a loan process as well as the different circumstances under which a borrower is allowed to obtain fully-insured financing solutions from an approved lender. Separate guidelines exist for lenders, buyers, sellers, appraisers and for different types of houses, such as condos, manufactured homes, rental home, modular homes, new construction and primary residence.
There can be first time home buyers or borrowers who are either self-employed or in business. Some of them may have negative credit score because of a foreclosure, short sale or bankruptcy in recent years. There are HUD rules regarding home inspection, which include well and septic, peeling paint, appliances, pools, roofing, windows, hot water system and any thing that may be in need of repairs.
Many loan-specific issues such as down payment, debt to income ratio, income, minimum credit score, refinancing, seller paid closing costs, flipping property, use of gift funds to make down payment and streamline refinance have been dealt with comprehensively. Moreover, special FHA guidelines are there on issues like child support and flipping, and for Chapter 13 Bankruptcy, flips, loan modification, MIP, PMI, property preservation, reverse mortgages and student loans.
FHA Guidelines for Lenders
Use the resources we have provided on this page to find any part of HUD Guidelines. For example, if you want to learn about FHA Guidelines for Lenders, you need to simply put the keyword in the quick search text box and press the Enter key. An alphabetical listing of the related topics will appear on your screen. These may include Acceptable Claim, Basis for Targeting Lenders, Endorsement Processing, Submission Requirement for All Approved Lenders and Transfer of Servicing among Lenders. Select the topic you want to get more details on and you will have the required information right at your fingertips. Moreover, it is also possible to use the advanced search option or refine your search results further by selecting an appropriate information type and/or a relevant handbook. Sorting is possible alphabetically or by design.
As the detailed analysis of all these FHA guidelines is beyond the scope of this page, we would be providing you resources to get updated information on the same for the year 2011. The website fhaoutreach.gov has consolidated the information contained in HUD handbooks 4155.1 REV-5, 4000.2 REV-3, 4000.4 REV-1, 4165.1 REV-2 and other Mortgagee Letters, and presented the same in the online format of handbooks 4155.1 and 4155.2. The website has an easy interface and it is just a matter of few clicks to find the information you want. Here is the complete website address.