As an alumni of Villanova University, the phrase “The HAWK is Dead! The “HAWK is Dead! I heard countless times during the annual basketball game between Villanova University (the Wildcats) and their Big Five rival St. Joseph’s University (the Hawks). This game typically proved to be a great match-up no matter what the rankings of the two teams and this…
Your options are limited! Lenders beware – the financing of Bed & Breakfast facilities can result in a Repurchase or Indemnification Agreement Request. Recently, a client asked our Firm about financing opportunities for a Bed and Breakfast establishment. Usually located in resort areas, Bed & Breakfasts are private homes offering overnight accommodations that include private bedrooms and either a private…
Underwriters & Appraisers Doing FHA Business Take Note – Rare Live Training Opportunity in Detroit This Week. HUD’s Office of Single Family Housing and the City of Detroit, Michigan Land Bank are conducting a live Training Forum for Thursday, May 7, 2015 at HUD’s Detroit Field Office – McNamara Federal Building, 477 Michigan Avenue, 17th Floor. This all day, FREE…
In an official notice to all FHA-Approved Mortgagees, FHA announced on April 30, 2015 that it has extended the effective date for the policies contained within its new Single Family Policy 4000.1 Handbook from June 15, 2015 until September 14, 2015. These new underwriting, appraisal and Quality Control policies have been the focus of several of my previous Blogs and…
You are an underwriter processing a FHA loan transaction and the appraiser has reported that the subject property has a private well & septic system yet public utilities may be available. Should you require evidence of hook-up to the public system as a condition of your approval? HUD’s draft 4000.1 Handbook (which is scheduled to go into effect for loan…
Looking to buy a property in which you can both live in and operate a business? Your financing options are about to greatly expand if one of HUD/FHA’s proposed Rule changes goes into effect on June 15, 2015 as planned! At the present time, a prospective borrower may utilize FHA Section 203(b) financing to purchase a mixed-use property if the…
