Our friends at BLB Resources, the company that manages HUD listings in Washington State (amongst others), created this video update to sum up changes on the mortgagee letter. These changes mainly impact HUD owned homes.
These reflect several key changes in the FHA loan process. There are changes to the appraisals, loan-to-value requirements, and maximum mortgage amounts, amongst other areas.
Real Estate agents, in particular, really should spend some time watching this.