HUD targets 203k renovation loan changes to expand housing supply
Federal housing officials plan to review consultant requirements and adjust draw rules to revive the underused Federal Housing Administration 203k renovation mortgage program.
FTMQ Real Estate, written by our newsroom0 views
Officials at the United States Department of Housing and Urban Development are preparing changes to revive the Federal Housing Administration 203k renovation mortgage program, HousingWire reported. Leaders at the FHA and Ginnie Mae intend to use the loan product to address housing affordability constraints and increase overall housing supply by rehabilitating aging residential stock. [1]
A primary obstacle facing the program is a severe shortage of HUD approved consultants, according to HousingWire. Matt Jones, the FHA deputy assistant secretary for the Office of Single Family Housing, stated that the limited number of qualified consultants currently restricts the overall reach of the loan offering. [1]
To increase program usage, federal officials recently updated the rules for Limited 203k loans to permit additional contractor draws, HousingWire reported. Officials also signaled that a broader review of standard 203k consultant requirements is underway to remove operational bottlenecks for rehabilitation projects. [1]
In short
- HUD officials plan to overhaul the FHA 203k renovation loan program to boost housing supply.
- A shortage of HUD-approved consultants currently limits the reach of the 203k program.
- Recent rule changes for Limited 203k loans allow contractors to take additional draws.
Sources
Every paragraph above points to the numbered items it rests on. Read the originals here.
- [1]HUD eyes 203(k) renovation changes to boost housing supplyHousingWire, 21d ago (the report this story comes from)
Our newsroom writes these reports with the help of software, from the 1 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.
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