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Industry supports FHA’s 40-year loan term option — with caveats

Housing Wire

The proposed rule , originally published in early April, would change repayment provisions for FHA borrowers, allowing lenders to recast a borrower’s total unpaid loan for an additional 120 months. But it’s not just a benefit to borrowers.

Loans 448
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How to Buy a Foreclosed Home: The Ultimate Step-by-Step Guide

Redfin

If possible, consult a real estate attorney to be sure you understand the realities of the auction and the transaction rules. Bank-owned properties Bank-owned properties, often called real estate-owned (REO) properties, are owned by the lender. Can you buy a foreclosure with an FHA loan?

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Best Foreclosure Websites to Find Homes

HomeLight

Bank of America foreclosures Bank of America maintains a site with real estate-owned (REO) and bank-owned home listings. Government websites for foreclosure listings HUD Homestore HUD Homestore is the official site for listings of government-owned properties, including those managed by the U.S.

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What Is a HUD Home? Are the Savings Worth the Risks?

HomeLight

Department of Housing and Urban Development , a government agency first created by President Lyndon B. HUD’s Office of Housing also includes the Federal Housing Administration (FHA), an agency that insures mortgage loans issued by FHA-approved lenders to protect against losses if a borrower defaults on a loan.

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FHA unveils 40-year loan modification option

Housing Wire

The Federal Housing Administration (FHA) is moving to expand its COVID-19 loss mitigation “waterfall” by introducing a 40-year loan modification option and is asking the mortgage industry for input. HUD said that this option could prevent “several thousand borrowers a year from foreclosure.”.

Loans 525