General World News

New FHA citizenship, residency requirements apply to reverse mortgages

Seeking to align with recent executive orders issued by President Donald Trump, the Federal Housing Administration (FHA) announced on Wednesday the publication of a new mortgagee letter (ML) that restricts qualification for FHA-backed mortgages to U.S. citizens or permanent residents.

The measure applies to all Title II single-family mortgage programs, including the Home Equity Conversion Mortgage (HECM) program.

Alongside the ML, FHA also published a Title I Letter that applies to property improvement and manufactured home loan programs. The guidance can be implemented immediately but must be in details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com