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What is the purpose of the informed consumer choice disclosure?

Section 203(b)(2) of the National Housing Act was recently amended to include requirements for an "Informed Consumer Choice" disclosure. This disclosure is intended to assist borrowers in comparing the costs of a FHA loan versus similar conventional loans.

What is the mic on an FHA loan?

ENDORSEMENT OF A MORTGAGE The FHA issues an electronic Mortgage Insurance Certificate (MIC) that the lender downloads from the FHA Connection (FHAC). This information is provided on the \u201cMIC\u201d Screen via the FHAC. Once the MIC is issued, the mortgage is considered insured under the terms of applicable regulations.

What is the FHA informed consumer choice disclosure?

Section 203(b)(2) of the National Housing Act requires a disclosure to assist borrowers in comparing the costs of a FHA-insured mortgage versus similar conventional mortgages. This disclosure must be given to prospective borrowers that may qualify for both FHA-insured financing and a conventional mortgage product.

What is the FHA rule?

What Are FHA Flipping Rules? If you plan to purchase a flipped home with an FHA loan, you must abide by the FHA 90-day flipping rule. This rule states that a person selling a flipped home must own the home for more than 90 days before home buyers can purchase the property.

What is a 92900 b form?

form HUD-92900-B (11/2014) e. Mortgagees may agree to guarantee or "lock-in" the loan terms for a definite period of time (i.e., 15, 30, 60 days, etc.) or may permit your loan to be determined by future market conditions, also known as "floating".

fha's informed consumer choice disclosure discloses all of the following to the customer except

what is the informed consumer choice disclosure informed consumer choice disclosure pdf informed consumer choice disclosure requirements for fha borrowers how often does the informed consumer choice disclosure need to be revised fha loans may include seller contributions of up to fha occupancy and financial statement disclosure mip on fha rehab loans which of the following is accurate regarding mip on fha rehab loans?

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What are the 2 types of FHA loans?

What are FHA Loans? There are five types of FHA loans: Traditional mortgage/first-time homebuyer AKA 203b, Home Equity Conversion Mortgage AKA Reverse Mortgage, 203(k) Mortgage - Renovation or Rebuild, Energy Efficient Mortgage, and Section 245(a) Loan.

What is a HUD 92800.5 B form?

The Conditional Commitment / Direct Endorse- ment Statement of Appraised Value (Form HUD- 92800.5B) sets forththe terms upon which the commitment/direct endorsement statement of appraised value is made and the specific conditions that must be met before HUD can endorse a Firm Commitment for Mortgage Insurance.

What is the most popular program under FHA insured financing?

The following links will take you to descriptions of some of FHA's most popular Single Family insured mortgage programs: Adjustable Rate Mortgages. Basic Home Mortgage Loan 203(b) Condominium Mortgages. Disaster Victims Mortgages 203(h) Energy-Efficient Mortgages (EEM) Hawaiian Home Lands.

What is FHA lender insurance program?

The Lender Insurance (LI) Program enables high-performing FHA-approved Direct Endorsement (DE) lenders, with acceptable default and claim rates, to endorse FHA mortgage loans without a pre-endorsement review conducted by FHA.

Who backs an FHA loan?

An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. FHA home loans require lower minimum credit scores and down payments than many conventional loans, which makes them especially popular with first-time homebuyers.

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