Category: National Legislation

Temporary FHA Guidelines—It’s Not Over Yet!

Written by: on Tuesday, September, 2nd, 2014

On August 13, 2014, we blogged to warn condominium communities that temporary FHA condominium approval guidelines were about to expire on August 31st.   However, FHA has just announced an extension of the temporary guidelines, which will now remain in effect until August 31, 2016. As a reminder, the current temporary guidelines define delinquencies as those [Read More...]

Don’t Worry About Floods—Flood Insurance is About to Get Cheaper!

Written by: on Tuesday, April, 8th, 2014

With all the crazy weather, storms, and flooding around the Country, it’s no wonder homeowners have become a little nervous about flood damage and being able to obtain flood insurance.  However, President Obama has recently signed into law the Homeowner Flood Insurance Affordability Act (HR 3370) to address this concern. In 2012, the Biggert-Waters Flood [Read More...]

US Senate Approves Delay in Flood Insurance Rate Hikes

Written by: on Monday, February, 3rd, 2014

Last Thursday, the Senate approved S.1926, the “Homeowner Flood Insurance Affordability Act of 2014” by a vote of 67-32.   This will delay dramatic increases in federal flood insurance premiums until 2017.  During the next few years the Federal Emergency Management Agency (FEMA) will be tasked with the job of determining the impact of the increase [Read More...]

Government Shut-Down and the FHA

Written by: on Wednesday, October, 16th, 2013

With the recent government shutdown still in effect and no end in sight, many home buyers are wondering how this will impact their ability to obtain FHA financing and whether homes can be sold using FHA during this uncertain period. In response to the influx of inquiries, FHA has published several Q&A articles on the [Read More...]

Dodd Frank Act Implementation

Written by: on Tuesday, January, 29th, 2013

The CFPB issued its 804 page regulation recently as a part of the rule making required by the Dodd Frank Act.  Many of you may be saying why do I care? These rules are important because they now make it clear that lenders MUST consider not only a borrower’s ability to pay mortgage principal, interest, [Read More...]