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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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