USDA AND FHA CHANGES

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Mortgage and Lending with Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 NMLS ID# 158606

The President has signed the Appropriations Bill with the higher FHA mortgage limits, FHA and USDA funding and the extension of the flood insurance program until December 16th. 

 

USDA Funding Extension

 

USDA refinance loans with the standard "subject to the availability of commitment authority" language in the USDA loan approval can now resume funding USDA refinance transactions with this commitment language.

 

FHA Mortgage Limit Implementation

 

 The law states that the new limits are effective for case numbers assigned today (date of enactment) until December 31, 2013 (case numbers assigned).  Below is the language from the law on this provision.  

 

The bill states:

  Sec. 238. (a) Federal Housing Administration- Notwithstanding any other provision of law, for mortgages for which a Federal Housing Administration case number has been assigned during the period beginning on the date of enactment of this Act and ending on December 31, 2013, the dollar amount limitation on the principal obligation for purposes of section 203 of the National Housing Act (12 U.S.C. 1709) shall be considered to be, except for purposes of section 255(g) of such Act (12 U.S.C. 1715z-20(g)), the greater of--

(1) the dollar amount limitation on the principal obligation of a mortgage determined under section 203(b)(2) of the National Housing Act (12 U.S.C. 1709(b)(2)); or

(2) the dollar amount limitation that was prescribed for such size residence for such area for 2008 pursuant to section 202 of the Economic Stimulus Act of 2008 (Public Law 110-185; 122 Stat. 620).

 

 

VA Funding Fee

 

The VA has advised us that the President is scheduled to sign the funding fee legislation (with the higher funding fee) today.  We will let you know as soon as we get confirmation.

Below is the most recent VA circular.  http://www.benefits.va.gov/HOMELOANS/circulars/26_11_18.pdf

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Rainer
181,841
Tatyana Makarov
Coldwell Banker Residential Brokerage - South Windsor, CT
Your Greater Hartford Area Realtor

Thanks for the update, Larry,

Always very helpful.

Nov 30, 2011 08:16 AM #1
Rainmaker
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Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

We can always count on you to keep us up to date on this information.  Thank you.

Nov 30, 2011 08:55 AM #2
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