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| Supporting FHA efforts to update Minimum Property Requirements |
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The Federal Housing Administration’s (FHA) proposed revisions to its minimum property requirements (MPRs) in its Single Family Housing Policy Handbook would modernize and streamline requirements while preserving borrower protections. In comments filed with the FHA Friday, America’s Credit Unions shared its support and offered several recommendations.
“FHA’s MPRs serve the important purpose of ensuring that properties securing FHA-insured mortgages are safe, sound, and secure. At the same time, these requirements should appropriately balance risk management against operational burdens,” the letter reads.
America’s Credit Unions supports:
• Aligning FHA property standards with those used by government-sponsored enterprises Fannie Mae and Freddie Mac, Department of Veterans Affairs, and conventional standards. Fewer differences among the standards would reduce complexity and costs, especially for smaller credit unions;
• FHA’s proposed use of standardized condition and quality ratings to determine property acceptability; and
• Removing outdated or overly specific requirements, so that minor or cosmetic issues do not delay or block FHA financing when they don't affect health, safety, or soundness.
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