The Federal Housing Administration (FHA) is making more than 30 single-family home loan documents and related resources used in the origination of FHA-insured mortgages available in Chinese, Korean, Spanish, Tagalog and Vietnamese.
According to the agency, the educational resources are accessible from FHA’s new language access web page and are intended to assist lenders, servicers, housing counselors and other FHA program participants in explaining information to those with limited English proficiency prior to borrowers executing legal documents in English, as required by law.
“Understanding the products, processes, and documents associated with a mortgage transaction is vital to a borrower’s ability to become a successful homeowner,” said Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon. “These new resources will help prospective homebuyers better understand their transaction and make more informed decisions before they are at the closing table.”
The translated documents include the HUD Addendum to the Uniform Residential Loan Application (HUD 92900-A) required for all FHA-insured single-family mortgages; model documents, including mortgage notes and riders used in FHA forward and Home Equity Conversion Mortgage (HECM) transactions; and required borrower disclosures.
In addition, FHA now has newly translated versions of some of its single-family homebuyer education materials and information resources. More resources are planned for the future.
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