Just got an email from my mortgage broker that I'd like to share with you:
Just announced and confirmed. The Stimulus package that President Bush signed into law has caused an INCREASE in the loan limits for FHA. The new maximum loan for an FHA insured loan is $271,010. The old limit was $226,100 so a $44,910 increase is not bad.
Remember that is the max loan amount so roughly speaking with a 3% Down Payment your max SALES price would be $279,500
FHA is still offering Down Payment Assistance which allows a buyer to get into a new home with virtually no money out of pocket, plus have bruised credit, and short time on the job. It is one of the best mortgage options on the market today for buyers with very little money to work with.
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Real Estate Agent in Macomb, St.Clair and Oakland County. I work with Buyers, Sellers and Renters. I specialize in helping homeowners avoid foreclosure, and helping renters find homes to rent.
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Thank you President Bush!
Brian.... curious, how can you define the new mortgage amount when HUD didn't even come out with the new loan amounts as of yet. There is a process in which they have 30 days to do so, after the bill was signed. Just curious on how you came up with the new amount...??? thanks
This is directly from HUD as of today, the 19th.... https://entp.hud.gov/idapp/html/hicost1.cfm
Brian, I am in your area. Could I have your mortgage brokers name? I am curious as to where he is receiving his information.
Thanks!
Brian.... I gave you the link the the HUD loan limits.... I know HUD changed some limits last year, previous to this stimulus package. But I would go back to this person and ask him to allow you to talk to the underwriters. Who is this person? Is it a lender that you use? Your in-house lender? Maybe this loan officer was thinking that it passed, that his limit would increase, so he would get a head start now?
In regards to hearing from my underwriters.... my underwriters follow HUD's loan limits and in what are investors tell us. It's not their call. Overall, it comes down to HUD and the investors on Wall Street. I did hear of a loan officer/lender getting a loan limit changed once, after they went back to HUD and proved that the average home values were higher in the area. They appealed it... and won... but that is an extremely rare case. thanks
well... if he is approving a buyer of yours on one or two deals, that they have contracts on the house, I would get a hold of him ASAP and his manager... when is the loan(s) to close?