FHA Assumption Handbook (HUD 4155.1 Chapter 7)

Debunking Myths About Assumable Mortgages: The Truth Behind the Process

Assumable mortgages offer unique financial benefits for buyers and sellers, but misconceptions about the process often prevent people from taking full advantage of this opportunity. With assumable mortgages becoming increasingly valuable in today’s real estate market, it’s time to clear up the confusion. This blog will address the most common myths about assumable mortgages, explain…

VA Introduces Temporary Variance Allowing Veterans to Pay Buyer-Broker Fees

In a significant move to ensure Veterans stay competitive in the ever-evolving real estate market, the Department of Veterans Affairs (VA) has announced a temporary local variance. This variance allows Veterans to pay certain buyer-broker charges when purchasing a home using their VA loan benefits. Effective August 10, 2024, this groundbreaking change addresses the shifting…

FHA and VA Fee Update: Increased Allowances for Assumable Mortgages

The Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA) have updated their policies regarding fees associated with assumable mortgage transactions. These changes are designed to better align the allowable fees with the current market conditions and to facilitate more efficient processing of assumable mortgages by loan servicers. FHA Doubles Allowable Fees for…