FHA's proposed rule changes were published in today's Federal Register regarding lender eligibility and net worth requirements.

In addition FHA published a new mortgagee letter, ML 2009-50 and announced the 2010 FHA loan limits.

There are 5 things everyone needs to know about the proposed changes to lender FHA elegibility:

  1. If accepted, changes will take effect January 1, 2010

  2. FHA proposes to no longer approve mortgage brokers/correspondent lenders for participation in FHA programs.

  3. Sponsoring Lenders must assume responsibility for any mortgage broker/correspondent lender they do business with.

  4. Sponsoring lenders assume full liability for the loans they accept from mortgage brokers/correspondent lenders.
  5. Net worth requirements for FHA lenders will be increased from $250,000 to 2.5 million dollars.

You can read the entire Mortgagee Letter ML 2009-50 here:  http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/

Most Utah loan limits remained the same, in particular Utah County loan limits remained at 323,750.

If I can help you with your financial needs feel free to call me, or visit my website at www.wfhm.com/david-doerr2 and fill out an application for a home mortgage.

 

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David Doerr

Spanish Fork, UT

More about me…

Utah Community Credit Union

Address: 1417 East 820 South, Spanish Fork, UT, 84660

Office Phone: (801) 223-7635

Email Me

Utah Mortgage Brokers and Loan Officers

Utah Mortgage, Utah Home Loans, Utah County Home Loans, Provo Home Loans, American Fork Home Loans, Cedar Hills Home Loans, Utah Home Loans, Saratoga Springs Home Loans, Orem Home Loans, Spanish Fork Home Loans, Payson Home Loans

Opinions expressed on this blog are those of the authors and do not necessarily reflect the positions of David Doerr. Links on this blog to articles do not necessarily imply agreement by David Doerr with the contents of the articles. Links and posts are provided to foster discussion of important issues. Readers should make their own evaluations.

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