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:
- If accepted, changes will take effect January 1, 2010
- FHA proposes to no longer approve mortgage brokers/correspondent lenders for participation in FHA programs.
- Sponsoring Lenders must assume responsibility for any mortgage broker/correspondent lender they do business with.
- Sponsoring lenders assume full liability for the loans they accept from mortgage brokers/correspondent lenders.
- 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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