New HUD program can benefit first time home buyers in DC
New HUD program can benefit first time home buyers in DC. Also, speed resales on forclosed properties Precision Funding
HUD secretary Shaun Donovan announced a temporary policy which will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties, according to a press release from the U.S. Department of Housing and Urban Development.
Currently, there are 3,000 properties that are in forclosure status each year in the DC area. FHA had probibited insuring a mortgage on home owned by the seller for less than 90 days. Now, this lift will give the buyer the more otions on recently foreclosed home with this $2 billion neighborhood revitalization initiative.
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