FHA Loan Limits Raised By Senate

RE:FHA Loan Limits Raised By Senate

Ryan — Thu, 21 Feb 2008 13:00:00 GMT

Does anyone know of the time frame until lenders begin accepting and closing on these higher loan limits? thanks for the article.

RE:FHA Loan Limits Raised By Senate

Ryan — Tue, 19 Feb 2008 13:00:00 GMT

I can appreciate many of your comments. I hope that we as a society have all learned from the mistakes that have put us into this situation. Good Luck to all of you.

RE:FHA Loan Limits Raised By Senate

Gy — Tue, 19 Feb 2008 13:00:00 GMT

If I am reading this correctly, it appears that it is applicable now until Dec 2008. It states: SEC. 202. TEMPORARY LOAN LIMIT INCREASE FOR FHA. (a) Increase of High-Cost Area Limit- For mortgages for which the mortgagee has issued credit approval for the borrower on or before December 31, 2008, subparagraph (A) of section 203(b)(2) of the National Housing Act (12 U.S.C. 1709(b)(2)(A)) shall be considered (except for purposes of section 255(g) of such Act (12 U.S.C. 1715z-20(g))) to require that a mortgage shall involve a principal obligation in an amount that does not exceed the lesser of (1) in the case of a 1-family residence, 125 percent of the median 1-family house price in the area, as determined by the Secretary, and in the case of a 2-, 3-, or 4-family residence, the percentage of such median price that bears the same ratio to such median price as the dollar amount limitation determined for 2008 under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)) for a 2-, 3-, or 4-family residence, respectively, bears to the dollar amount limitation determined for 2008 under such section for a 1-family residence, or (2) 175 percent of the dollar amount limitation determined for 2008 under such section 305(a)(2) for a residence of the applicable size (without regard to any authority to increase such limitation with respect to properties located in Alaska, Guam, Hawaii, or the Virgin Islands), except that the dollar amount limitation in effect under this subsection for any size residence for any area shall not be less than the greater of: (A) the dollar amount limitation in effect under such section 203(b)(2) for the area on October 21, 1998, or (B) 65 percent of the dollar amount limitation determined for 2008 under such section 305(a)(2) for a residence of the applicable size. Any reference in this subsection to dollar amount limitations in effect under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act means such limitations as in effect without regard to any increase in such limitation pursuant to section 201 of this title. Am I reading this wrong?

RE:FHA Loan Limits Raised By Senate

Rick — Tue, 19 Feb 2008 13:00:00 GMT

The dates used on HR 5140 are actually July 1,2007 (not 2008) to December 31, 2008... has anyone found out when this "officially" starts for the increased loan limits?

RE:FHA Loan Limits Raised By Senate

Anonymous — Mon, 18 Feb 2008 13:00:00 GMT

Will the new FHA limit increase also raise the reverse mortgage ceiling as well??

RE:FHA Loan Limits Raised By Senate

Anonymous — Mon, 11 Feb 2008 13:00:00 GMT

It looks like the changes will not be implemented until July 1, 2008 and will expire at the end of 2008. Take a look at http://thomas.loc.gov/cgi-bin/query/z?c110:H.R.5140:. Refer to the H.R.5140.ENR link and check out Title II.

RE:FHA Loan Limits Raised By Senate

Mischi — Mon, 11 Feb 2008 13:00:00 GMT

Does anyone know how long it will take to implement the new loan limits once the bill is signed by Bush?

RE:FHA Loan Limits Raised By Senate

jose — Sat, 09 Feb 2008 13:00:00 GMT

If anyone is shirking responsibility it appears that the educated professionals in the mortgage and real estate industry SHOULD have known is that one who only makes 20K a year is no qualify within two year (upon maturity of a 2-28) to refinance and repay a 30 year fixed 500K loan. Therefore, a teaser rate loan should never have been granted in the first place. Another issued that is frustrating to deal with is comments referring to consumers loosing their homes. If they purchased with $0 down, interest only then they are not loosing a dam thing. They leased the property for the lifespan of the teaser rate loan.

RE:FHA Loan Limits Raised By Senate

Lori — Fri, 08 Feb 2008 13:00:00 GMT

'The FHA increased loan limits will help thouseands of homeowners that do not fit underwriting guidelines for credit requirements. I do not agree with the guy above, I think he has a mentality of a typical self centered Loan Officer...whom is only out for his own needs..."commission". I've been in this industry for 27 years...owning my own mortgage business myself, processing and underwriting. Its really not a matter of being mislead or non disclosure..Obviously, the lender will not do a loan for a borrower if they bought too high of a loan to qualify for the loan. Bad things happen to good people. Things happen, problems happen, life happens... If the credit and income did not qualify, the loan will not be approved. Its a matter of the borrowers waiting for their prepayment penalty expiring after the two years fixed rate and then at the time of submitting the loan...they do not qualify to get another loan. All these lending institutions that approved these borrowers under subprime requirements...are no longer available for the borrower to even get out of the loan. Sure, the lenders are in business to make loans....however, they are the very ones that put these homeowners in a bad situation. Some of these idiot lenders will not negotiate the adjustment and remodify the payment for the borrower to afford...therefore, they put the borrower in a position they cannot afford the loan anymore. The banks put clerks in the position of helping the borrower negotiate their "dream" of owning their home therefore, these so called clerks do not care about...helping the borrowers keep their home. Look at so many lenders going out of business...and have a high debt loss from foreclosures. They play hard ball with the borrower...therefore...their are so many short sales...Does this make sense? Having idiot lenders that do not want to negotiate and remodify payments....and therefore forcing these borrowers to short sale. Whomever is running these banks are idiots.

RE:FHA Loan Limits Raised By Senate

Rad — Mon, 04 Feb 2008 13:00:00 GMT

Chaynes, you just don't get it do you...mortgage companies don't want to foreclose on you or anyone else. Mortgage companies lose money when they foreclose. They want to loan money to people such as yourself, whom promise to pay them back with interest on time(the worse your credit the more you should pay in interest), when you break your promise they only follow through on what they outlined to you upfront when you read and signed your mortgage loan papers (oh don't tell me you didn't read them because it was to much paperwork and then complain later that you were mislead). The Note of your loan was no more then 3 pages(the standard is 2 pages). And any addendum would have been right behind the note in your paperwork (standard 1 page). You may have had a pre-payment penalty and an Adjustable rate rider(again the standard is 1 page each). These disclose to you what if any additional terms their are to your note (not a lot to read). Were you mislead or did you just not read and understand the terms of your loan. Most people don't want to take responsibility for their own actions that put them in their financial situations and you sound like you fit that mold. Your Realtor and your mortgage lender didn't put a gun to your head and make you sign the papers did they? If not, own up to your own decisions or as it sounds poor decision (buying more then you can afford) and quit making everyone else the scapegoat for poor little old you!

RE:FHA Loan Limits Raised By Senate

Thomas Martin — Tue, 29 Jan 2008 13:00:00 GMT

When will the FHA mortgage limits be increase to at least 417,000. Does anyone know? Thanks Thomas

RE:FHA Loan Limits Raised By Senate

Jeff — Wed, 16 Jan 2008 13:00:00 GMT

Chaynes, it is people like you that take no responsibility for their actions and feel all their problems are others peoples fault, that we are in the situation we are now with the mortgage and housing industry. I've written many 2/28 loans, and have ALWAYS disclosed the terms in full, while at the same time presenting a fixed option if available. Those loans are designed to help people in a temporary situation recover from financial hardships, whether they are the result of living beyond means or an outside factor. 9 times out of 10 it's the former. I can't tell you how many borrower's i've worked with that take those loans to consolidate debt, save hundreds if not thousands a month, and improve their credit with the plan being to stay on track and refinance into a conforming loan when they qualify for one, only to max out their debt again in those 2 years and keep themselves from getting a better loan. When that happens, which I'd bet is your situation, it's always the borrowers fault. But, that all to true side of the story doesn't sell newspapers.

RE:FHA Loan Limits Raised By Senate

Wed, 16 Jan 2008 13:00:00 GMT

I am semi-retired and living on social security only, how much of a fha loan can I get in West Virginia. I saw some property that I want to bid on in the $120,000 range and want a 30 year mortgage. I would prefer no down payment and I would like to know the settlement costs on this and could the seller absorb the closing closts. I don't mind paying the inspection fees for rodents and wood mites of all kinds. With your mortgage rates at 1.8%, when could I make a bid on some properties with homes in West Virginia. Thanks

RE:FHA Loan Limits Raised By Senate

chaynes — Mon, 14 Jan 2008 13:00:00 GMT

When a corporate entity like a mortgage company or bank uses illegal means to create a situation where they can litteraly steal your home, are there no laws that can make them, like any theif, pay? Are they not liable? When a corupt judiciary is a party to that theft, are they not responsible?When a realtor has recieved a commission in the sale of a stolen home, like with recievership in a normal theft? I haven't been answered. I am not unreasonable, just savy.

RE:FHA Loan Limits Raised By Senate

Tim P — Sun, 13 Jan 2008 13:00:00 GMT

Any time frame when " W " will sign off on the increase and how soon after can we apply???