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    Friday, April 15, 2016

    HUD is Making Things Easier for FHA Borrowers

    Highlights of new Guidelines

    Higher Loan to values for affordable Housing

    Davis Bacon rules eliminates for most Affordable Housing Developments

    The required minimum reserve balance that lenders must keep on their books has been lowered to reduce pressure on borrowers and encourage loans to be given in support of affordable housing development.

    Allowing unit repairs using 223(f) up to $15,000 per unit  and removing 15% of loan limit

    After April 1, 2016 HUD paves the way to reduce the MIP (by more than 25%!) if an energy  audit is performed on a property, and then energy improvements are implemented to achieve an Energy Star Benchmarking Score of 75 or greater and Green Certification

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