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Good & Bad News For November Week For The Lending Industry

By George Souto

Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

November 22, 2011 01:40 PM

This past week had both Good & Bad News For November For The Lending Industry. In my opinion the good news does out weigh the bad news. The good news was that:

On Friday November 18, the President signed an appropriations bill that restores the FHA mortgage loan limits to FHA Mortgage loan limits to pre-October limits. The limits will be available once FHA updates FHA Connection and issues a mortgagee letter.
On Friday November 18, 2011, the budget for Rural Guaranteed Loans (USDA) was passed and funding was once again restored.

Now the bad news. The President signed HR 674 which reverts the VA funding fee back to their previous levels for closings on or after November 19, 2011:

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Who To Call For Your Mortgage Needs In Connecticut:

George Souto NMLS# 65149 is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage.

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Rodney Mason, VP of Mtg Lending

Guaranteed Rate NMLS# 2611 - Atlanta, GA

AL,AR,AZ,CA,CO,FL,GA,IN,MI,MS,NC,NV,SC,TN,TX,VA,WA

Its never ending change for us. The VA Funding Fee turned into a mess.

Nov 22, 2011 01:45 PM

Joan Whitebook

BHG The Masiello Group - Nashua, NH

Consumer Focused Real Estate Services

Thanks for the update George.. I hope that you have a greate thanksgiving and thank you for keeping us up to date on all of the changes.

Nov 22, 2011 01:52 PM

Brenda Mullen

RE/MAX Associates - San Antonio, TX

Your San Antonio TX Real Estate Agent!!

I had a feeling that was going to happen. Well good news for FHA borrowers, and not so good for VA ones. I am grateful that here in San Antonio we have a lot of vets that claim disability and don't pay the funding fee anyway...so hah! Ok, enough of that :)! Thanks for the update George!

Nov 22, 2011 02:05 PM

William James Walton Sr.

WEICHERT, REALTORS® - Briotti Group - Waterbury, CT

Greater Waterbury Real Estate

So George, can ypou explain what that means for borrowers and for us, in particular? I must be either tired or a newbie (yeah, I like the newbie take on it), because I can't make heads or tails of what you've posted, and I'd really like to be in the know...

Nov 22, 2011 02:30 PM

1~Judi Barrett

Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK

BS Ed, Integrity Real Estate Services -IDABEL OK

I like the good news better than the bad news.. but am glad that you posted both!

Nov 22, 2011 02:36 PM

Nick T Pappas

Assoc. Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, Broker/Providence Property Mgmnt, LLC Huntsville AL - Huntsville, AL

Madison & Huntsville Alabama Real Estate Resource

George, I guess there's always a little good news and unfortunately bad news to deal with. Things change so much on almost a daily basis and that's why I have my clients always check with there mortgage person who's usually more up to date on these matters. Have a great "Turkey Day".

Nov 23, 2011 09:48 AM

Ed Silva, 203-206-0754

Mapleridge Realty, CT 203-206-0754 - Waterbury, CT

Central CT Real Estate Broker Serving all equally

Hi George, just a quick drop by to wish you a Happy Thanksgiving

Nov 23, 2011 11:12 AM

Florida Tolbert Team Keller Williams Advantage

Keller Williams Advantage III Realty in Lake Nona - Orlando, FL

Keller Williams Land Luxury Division Specialist

Thanks so much for sharing the good news of USDA being available once again.

Nov 23, 2011 01:56 PM

Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

Thanks a lot Congress and Mr. President.

How much PR mileage did you get by publicizing the lower funding fees for a short while.

It's all about the PR, isn't it?????

Nov 24, 2011 12:55 AM

Good & Bad News For November Week For The Lending Industry

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