Federal Housing Administration Launches New Resources to Remove Language Barriers for Borrowers

languages© Bulat Silvia / Getty Images / Canva

The Federal Housing Administration (FHA) announced it is making available in Chinese, Korean, Spanish, Tagalog, and Vietnamese more than 30 single family mortgage documents and related resources used in the origination of FHA-insured mortgages.

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 related to FHA-insured mortgages to those with limited English proficiency prior to borrowers executing legal documents in English, as required by law. This first set of translations is part of ongoing efforts by FHA to remove language access barriers for consumers whose preferred language may not be English, and a part of HUD Secretary Marcia L. Fudge’s commitment to making equity a leading compass within the Biden-Harris Administration.

“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 most widely used single family homebuyer education materials and information resources, including its Save Your Home, Tips to Avoid Foreclosure brochure, its disaster relief and recovery options information card, and FHA “myth busters” question and answer cards.

READ:  U.S. Foreclosure Rates Drop, But Regional Differences Persist

FHA intends to make additional resources available in the future.

For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and Microsoft Start.