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HUD/OH | RIN: 2502-AJ44 | Publication ID: Fall 2018 |
Title: Federal Housing Administration (FHA): Requirements for Borrower Equity Position: Advance Notice of Proposed Rulemaking (FR-6095) | |
Abstract:
This advanced notice of proposed rulemaking seeks comment on HUD’s current requirements concerning a borrower’s equity position for mortgages insured by the Federal Housing Administration (FHA) under Title II of the National Housing Act (NHA). HUD seeks comments on various eligibility and underwriting requirements that could affect a borrower’s equity position, including: (1) the amount of a borrower’s minimum cash investment (MCI); (2) the source of the borrower’s MCI, including sources other than the borrower or the borrower’s family members, e.g., downpayment assistance (DPA) or secondary financing from governmental entities and nonprofit organizations; (3) the use of interested party contributions or seller concessions (collectively "IPC”) as a source of additional funds needed to close the insured mortgage transaction; (4) the Loan-to-Value (LTV) ratio of the mortgage and the mortgaged property and the borrower’s characteristics; (5) the borrower’s total fixed payments to effective income (Debt-to-Income or DTI) ratio; (6) the use of cash-out refinancing; and (7) the use of Property Assessed Clean Energy (PACE) programs. |
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Agency: Department of Housing and Urban Development(HUD) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Prerule Stage |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Other | |
CFR Citation: 24 CFR 203 | |
Legal Authority: 12 U.S.C. 1709 12 U.S.C. 1710 12 U.S.C. 1715b 12 U.S.C. 1715u 42 U.S.C 3535(d) |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Elissa Saunders Director, Office of Single Family Program Development Department of Housing and Urban Development Office of Housing 451 7th Street SW, Washington, DC 20410 Phone:202 708-1672 |