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fha: FHA loan limit is going to be raised to 417k... - 10/09/08 10:14 AM
10/02/2008 - "This morning, FHA Commissioner Brian Montgomery announced that the new HECM nationwide loan limit (maximum claim amount) will be $417,000. The target effective date is November 1"This is a target date right now, not a set deadline. We still expect FHA to increase the "floor" on the origination fee from $2,000 to $2,500. A mortgagee letter will be published shortly that provides additional details.There was some debate within HUD to consider area limits at 115% of area median home value, with a floor of $417,000 and a cap of $625,500. Ultimately, the interpretation was determined that the new legislation … (1 comments)
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fha: FHA the real story... - 10/02/08 04:01 PM
I have received from the HUD office all the item pertaining to condo developments and the guidelines at every possible stage. Whether it is new, existing, annexation, or additional phases different rules apply to the different types. I believe on common misconception realtors have is that once your project is FHA approved that that also means that your Borrower is FHA approved for financing. Which is not the case. The FHA condo approval has two parts. First the Condo development itself must be approved and then each individual borrower must meet the FHA condo requirements. This is a separate set of … (4 comments)
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fha: DPA - alive again...? - 10/01/08 02:52 PM
For Immediate Release: October 1, 2008CONTACT: Henry Fawell (410) 545-5830CBO report: downpayment assistance could generatenew revenue for U.S. TreasuryAmeriDream urges Congress to preserve DPA to stabilize housing marketGAITHERSBURG, MD - Downpayment assistance programs that expire today could generate sorely-needed revenues for the federal government if Congress preserves them by passing H.R. 6694, according to a new report from the Congressional Budget Office (CBO). Downpayment assistance programs funded in part by sellers (DPA) were eliminated, effective today, as part of the housing stimulus package signed into law in July. "At a time when Congress considers saving Wall Street, we must not lose … (1 comments)
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fha: Hope for Home Owners...New way to bail out poeple who should not be bailed out! - 09/30/08 03:36 PM
HOPE FOR HOMEOWNERS1) Purpose- The purpose of the HOPE for Homeowners Program is--a) to create an FHA program, participation in which is voluntary on the part of homeowners and existing loan holders to insure refinanced loans for distressed borrowers to support long-term, sustainable homeownership;b) to allow homeowners to avoid foreclosure by reducing the principle balance outstanding, and interest rate charged, on their mortgages;c) to help stabilize and provide confidence in mortgage markets by bringing transparency to the value of assets based on mortgage assets;d) to target mortgage assistance under this section to homeowners for their principalresidence;` 2) Requirements of Insured Mortgages- … (4 comments)
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Nathan Goodman
Bozeman,
MT
More about me…
Guild Mortgage Company
Address: 1925 N. 22nd Ave. Ste. 103, Bozeman, MT, 59715
Office Phone: (406) 522-8800
Cell Phone: (406) 580-0149
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