FHA Updates Loan Limits as of November 18, 2011
On November 18, 2011, the President signed into law H.R. 2112, Consolidated and Further Continuing Appropriations Act 2012 (HR2112). Section 238 of HR 2112 re-establishes the FHA loan limit at the higher of the dollar limit in Section 203(b)(2) or the dollar limit prescribed in Section 202 of the Economic Stimulus Act of 2008 for Forward mortgages.
Therefore, effective for all Forward mortgages with a case number assigned on, or after, November 18, 2011 through December 31, 2011, the loan limits referenced in Mortgagee letter 10-40 shall be in effect.
The Department will be issuing a Mortgagee Letter by mid-next week that will include more detailed guidance and applicable updated loan limit tables for 2012. We expect supporting system changes to be completed within that same time frame.
VA Funding Fees Revert Back to pre-change levels
FUNDING FEE UPDATE AS OF NOVEMBER 22, 2011: On November 21, 2011, the President signed H.R. 674. Section 265 of the law raises funding fees to the pre-November 18, 2011 levels. The fees specified in Section 265 are valid through September 30, 2016.
First Time Use
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< 5% down = 2.15%
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5-10% down = 1.5%
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10% or more = 1.25%
Second and Subsequent Use
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< 5% down = 3.3%
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5-10% down = 1.5%
- 10% or more = 1.25%
Nick Pakulla
First Place Bank
Loan Officer
15400 Calhoun Drive Suite 170
Rockville, MD 20855
Direct: 301.585.RATE (7283) | Cell: 443.956.8774 | Fax: 301.560.6303
NMLS# 728211
Email: NPakulla@fpfc.net
Apply now: http://www.firstplacebank.com/NickPakulla
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