FHA

FHA announced the update to their Condo guidelines, including a new condo section of the 4000.1 manual. As announced in FHA INFO #19-41, new condo project approval requirements are effective for case number assignments as of October 15, 2019.

FHA announced that a pre-recorded version of the call outlining the changes is now available on their site.

Following are the links for the Condominium Webinars:

Module 2C1: FHA Condo Approval – Condo Project Approval: Module2C1-CondoProjectApproval
Module 2C2: FHA Condo Approval – Mortgagee Direct Endorsement Lender Review and Process (DELRAP) Authority Requirements: Module2C2-MortgageeDELRAPAuthorityRequirements
Module 2C4: FHA Condo Approval – Underwriting Condominium Loans: Module2C4-UnderwritingCondominiumLoan

FNMA

Fannie Mae is updating their selling guide for a variety of topics.

The updates announced in this Selling Guide Announcement are:

Homeownership Education Requests
Employment Offers and Contracts
Rental Income Policy
Reporting Anti-Money Laundering Activity
Miscellaneous Selling Guide Updates

B2-1.3-02, Adjustable-Rate Mortgages (ARMs)
B3-6-05, Monthly Debt Obligations

Find the full announcement – SEL – 2019-08 – CLICK HERE

Fannie Mae eliminates the cost of homeownership education! Effective October 23, 2019.

FHLMC

Freddie Mac Bulletin – 2019-17 includes updates on a variety of topics with different due dates.

The updates announced in this Selling Bulletin include:

Escrow Accounts- effective Nov 7, 2019
Mortgages Made Pursuant to Employee Relocation Programs – New Flexibilities under certain conditions
Property Eligibility for Manufactured Homes
Properties Located in Eligible Disaster Areas – Effective October 27, 2019

Click here to read the full Bulletin OR watch the video that summarizes it for you!

USDA

Fiscal Year 2020 SFH Guaranteed Funds Now Available

Fiscal Year (FY) 2020 funding for Rural Development’s Single Family Housing Guaranteed Loan Program is now available. The funding is authorized by the Continuing Appropriations Act, 2020, and Health Extenders Act of 2019, (P.L. 116-59, H.R. 4378).

no updates at this time