This document contains final regulations that explain how to allocate prepaid qualified mortgage insurance premiums to determine the amount of the prepaid premium that is treated as qualified residence interest each taxable year. The final regulations reflect changes to the law made by the Tax Relief and Health Care Act of 2006, the Mortgage Forgiveness Debt Relief Act of 2007, and the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The regulations affect taxpayers who pay prepaid qualified mortgage insurance premiums.
While loans insured by the Federal Housing Administration historically have been attractive to young and low-income buyers who often don't have as much money for a down payment as other borrowers, lenders say a growing percentage of all borrowers now are turning to FHA loans because they can't meet tightened restrictions on private mortgage insurance, which typically is required for loans for more than 80 percent of the value of the home. Lenders haven't required borrowers to obtain mortgage insurance on existing mortgages to cover home-value decline, but mortgage insurers are tightening qualifications needed for new loans to reduce their risk of exposure later to declines in the value of the homes they insure, Bennett says.
On August 30, 2011, HUD published a proposed rule to suspend FHA's mortgage insurance program for military impacted areas under section 238(c) of the National Housing Act. This single-family mortgage insurance program, established by regulation in 1977, has been significantly underutilized for the past several years. Additionally, these mortgage loans are insured under comparable terms and conditions as loans insured under HUD's primary single-family mortgage insurance program under section 203(b) of the National Housing Act. Accordingly, those borrowers who would be served under section 238(c) of the National Housing Act are served equally well under the section 203(b) mortgage insurance program. The suspension of this mortgage insurance program is consistent with the President's budge...
In accordance with HUD regulations, this notice announces changes of the mortgage insurance premiums (MIPs) for certain Federal Housing Administration (FHA) Multifamily Housing, Health Care Facilities, and Hospital Mortgage Insurance programs for commitments to be issued or reissued in FY 2013. The MIP for market-rate New Construction/Substantial Rehabilitation loans under Sections 207, 213, 220, 221(d)(4), 231, 232, and 242 is proposed to increase by 20 basis points and 223(a)(7) loans by 5 basis points; with a 15 basis point increase for all other market-rate multifamily housing, health care facility, and hospital loans. The increases will not apply to Low Income Housing Tax Credit Loans, other affordable housing loans for HUD-assisted properties, or loans insured under FHA's Risk Sha...
The proposed information collection requirement described below has been submitted to the Office of Management and Budget (OMB) for review, as required by the Paperwork Reduction Act. The Department is soliciting public comments on the subject proposal. FHA insures mortgages on single-family dwellings under provisions of the National Housing Act (12 U.S.C. 1709). The Housing and Urban Rural Recovery Act (HURRA), Public Law 98- 181, amended the National Housing Act to add Section 247 (12 U.S.C. 1715z-12) to permit FHA to insure mortgages for properties located on Hawaiian Homelands. Under this program, the mortgagor must be a native Hawaiian. Section 247 requires that the Department of Hawaiian Homelands (DHHL) of the State of Hawaii (a) will be a co-mortgagor; (b) guarantees or reimburs...
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