FHA corrected borrower qualification criteria for the FHA-HAMP option in the Single Family Housing Policy Handbook. FHA updated the handbook to state that the borrower’s existing front-end ratio must be greater than 31% (rather than less than or equal to 31%), or 85% of the borrower’s income must be insufficient to cure arrears within 6 months. The correction is effective immediately.
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
