The Federal Housing Administration (“FHA”) recently announced that it is providing translations of more than 30 single-family mortgage documents and related educational resources used in the origination of FHA-insured mortgages. The translated documents are available in Chinese, Korean, Spanish, Tagalog, and Vietnamese and are accessible from FHA’s new Language Access Resources web page.
The translations were announced as part of an ongoing effort by FHA to assist lenders, servicers, housing counselors, and other FHA program participants in explaining FHA-insured mortgage related information to borrowers with limited English proficiency before those borrowers execute the documents in English. The announcement states that FHA plans to make additional resources available on the web page in the future.
“Understanding the products, processes, and documents associated with a mortgage transaction is vital to a borrower’s ability to become a successful homeowner,” says Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon. “These new resources will help perspective 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 Uniform Residential Loan Application (HUD-92900-A), Important Notice to Homebuyers (HUD-92900-B), Informed Consumer Choice Disclosure, Borrower’s Contract with Respect to Hotel and Transient Use of Property and other commonly used disclosures.
A Spanish translation has also been provided for mortgage-related documents including the FHA model mortgage, notes, condominium and construction riders.
In addition, the new web page provides translations of some of FHA’s most widely used single-family homebuyer information materials, including its foreclosure avoidance brochure, Save Your Home, Tips to Avoid Foreclosure, and its Dispelling Homebuying Myths question and answer cards.
DocMagic will be making the translated versions of borrower acknowledgments, notices, and disclosures available along with the Spanish translation of the FHA forward model mortgage, notes, riders, and other mortgage-related documents on August 10, 2023.
