Revised Final Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single Room Occupancy Program for FY 2013 are now available on the NAHMA website. This notice updates the FY 2013 FMRs for Cheyenne, WY, and Odessa, TX, based on surveys conducted in September 2012 and for Burlington, VT, Mountrail County, ND, Ward County, ND, and Williams County, ND based on surveys conducted in November 2012. The FY 2013 FMRs for these areas reflect the estimated 40th percentile rent levels trended to April 1, 2013.
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FHA and Interest Rates
On April 22, 2013, FHA issued new guidance allowing select properties outside of the lockout period to benefit from historically low interest rates by requesting a rate reduction. Until now, FHA has only considered such requests to avoid possible default. Borrowers with performing loans had to refinance to secure lower rates.
The new guidelines apply to qualifying loans financed though the Section 223(f) or 223(a)(7) programs. They outline the conditions required to secure a rate reduction, the submission requirements and the FHA processing procedures. Notably, they allow HUD HUB directors to approve requests, eliminating headquarters action and expediting the process.
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