On January 9, the Department of Housing and Urban Development (HUD) published two Mortgagee Letters updating the Federal Housing Administration’s Multifamily Housing Programs’ underwriting standards and guidelines, which impact older adults and other households served by the agency.
According to HUD, these changes will help increase individual loan proceeds available to developers and decrease the cash needed to close for Federal Housing Administration (FHA) transactions. This will allow FHA transactions to be more competitive with today’s market needs while encouraging lenders and developers to provide affordable rental homes.
