FHA Mortgagee Letter 2009-07 lays out the new FHA loan limits which were put into place by the American Recovery & Reinvestment Act of 2009.
Here is HUD’s press release on the new loan limits in case you haven’t seen it. It is a lower limit for several areas that had temporarily higher limits to try to help overcome the foreclosure problems those areas are facing. Maybe that crisis was resolved and I just didn’t notice? Anyway, here is the press release. Not much more for me to add. Read the rest of this entry
Just a short post to let you know that HUD has acted faster than I have seen them do anything in the last 20 years. The higher loan limits are now official and its time for all loan officers to hit the phones to see how many people we can help. The limits are different for each county. You can find out the limit in your county by clicking on the “FHA Loan Limits” link at the top of the page. I can honestly say that I am very pleasantly surprised. I didn’t expect anything to happen on this for several months.
Looks like there is hope after all. I had feared that FHA mortgage reform would die a slow death once the FHA limits were raised as part of the recent fiscal stimulus package. But it looks like FHA reform is actually moving ahead.
According to Congressional Quarterly, (in an article highlighted on the KnowledgePlex website since viewing the original requires a subscription) the major stumbling block to moving forward with the bill has been the House of Representatives’ addition of an affordable housing trust fund to their version of the bill. An agreement has been reached to move ahead without either establishing nor pre-empting the fund.
I’m sure you’ve seen on the news by now that Fannie Mae and Freddie Mac loan limits are going up due to the fiscal stimulus bill pushed through Congress recently. The good news is that this also means that FHA limits are going up temporarily. They are even going up to as high as $729,750 in accordance with the original House of Representatives proposal for FHA reform instead of the lower Senate bill limits.
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