FHA issued Mortgagee Letter, 2019-06, clarifying documentation requirements for governmental entities providing down payment assistance to FHA borrowers. Per the Mortgagee Letter, FHA clarified the documentation mortgagees must obtain when originating mortgages for borrowers using funds from another person or entity to satisfy any portion of the minimum required investment (MRI), including specific documentation when a governmental entity provides down payment assistance to qualified borrowers within the governmental entity’s jurisdiction. The Mortgagee Letter is effective for case numbers assigned on or after April 18, 2019.
State Compliance Summary
Tennessee Increases Permissible Interest Rate for Closed-end Loans under Industrial Loan and Thrift Companies Act
Tennessee passed a bill increasing the permissible interest rate for closed-end loans under the Industrial Loan and Thrift Companies Act (ILTCA). Under the bill, the
April 1, 2025
