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FHA Loan Updates per HUD:  WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner today announced the Federal Housing Administration (FHA) revised its residency requirements and removed access for illegal aliens to FHA-insured mortgages by eliminating in its entirety the “non-permanent residents” category from the Title I and Title II programs. This update of FHA policy ensures illegal aliens and non-permanent residents in the U.S. cannot access FHA-insured financing and refocuses the use of taxpayers’ resources and federal housing programs to benefit U.S. citizens.
 
Read excerpts from The National Review below:
 
National Review: HUD Cracks Down on Government-Backed Mortgages for Illegal Immigrants
 
“The Department of Housing and Urban Development announced on Wednesday that non-permanent residents will no longer be eligible for Federal Housing Administration (FHA) mortgages, National Review has learned, part of a broader effort by the administration to ensure that American citizens are prioritized under taxpayer-funded housing programs following massive flow of illegal immigration under former President Joe Biden.
 
FHA loans offer government-insured mortgages to ensure that lower-income individuals have access to home ownership. While illegal immigrants are technically ineligible to obtain FHA-backed home loans under U.S. law, HUD’s announcement will strengthen enforcement mechanisms to ensure that illegal immigrants are not abusing the program in the future. It is unclear how many illegal immigrants have obtained FHA-backed loans.”
 
“HUD’s revised residency requirements for FHA-backed loans, which take effect on May 25, will apply to Deferred Action for Childhood Arrivals (DACA) recipients as well as individuals who are pending asylum or pending refugee status, according to HUD, since there is no guarantee that their residency status will be renewed under the current administration.
 
The new policy eliminates the ‘non-permanent resident’ category entirely from the FHA’s Single Family Title I and Title II programs, and reverses a Biden-era policy which allows FHA loans for DACA recipients who provide a valid Social Security Number and work eligibility status.
 
HUD Secretary Scott Turner’s announcement is in keeping with President Donald Trump’s immigration related executive orders, and will be applied to a future version of HUD’s Single Family Housing Policy Handbook 4000.1. Earlier this week, HUD and the Department of Homeland Security released a Memorandum of Understanding to announce both agencies’ coordination on efforts to crack down on tax-payer funded public housing for illegal immigrants.
 
‘There will be no more illegal aliens getting HUD-backed home loans,’ Secretary Turner said in a statement to NR. ‘The Biden administration exploited taxpayer resources and manipulated FHA policy to allow illegal aliens to ride the coattails of the American taxpayer when financing on a home. For those who play by the rules and work hard to purchase a home, it is unconscionable. HUD will continue to implement President Trump’s executive order ending taxpayer subsidization of open borders and protecting the American Dream of homeownership.’”
 
Read the full story here.
 
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Buying a condo today—whether you’re a first-time homebuyer or a real estate pro—comes with some new twists. Since early 2022, after a condo collapse in Florida sparked safety concerns, Fannie Mae and Freddie Mac have tightened condo mortgage rules. As of February 25, 2025, these updates, plus specific “Project Review Processes,” are reshaping how loans work. Here’s the scoop.
 

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FINCEN Logo 320x213HOA boards will no longer have to provide personal information to the Financial Crimes Enforcement Network.  This week, Scott Bessent, the new Secretary of Treasury in the Trump Administration, announced the Treasury Department will not enforce the Corporate Transparency Act (CTA) against U.S citizens and domestic companies.  This ruling includes domestic homeowner association boards.   The Treasury Department announced it will now draft an emergency ruling stating only foreign companies will be subject to the Corporate Transparency Act.



According to the Department of Treasure website on March 2, 2025, “the Treasury Department this week that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.”

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Published Date 7/7/2023

 

Big news hit the housing market this Wednesday July 5th! Heavy hitters of the housing world, Fannie Mae and Freddie Mac, unrolled some fresh updates. They're putting a sharper focus on their condominium and co-operative project standards policies. Why? To help bolster the safety of properties in desperate need of repairs and special assessments.

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