first time home buyers
Here is the remaining part of the article that discusses the continuation of the current HUD Lending Limits and their extension through 2012. This is certainly very good news for the Real Estate market and any first time home buyers who would like to apply for an FHA loan. Plus it is HUD Kespecially good news for seniors who will be able to take advantage of the higher limits when apply for a Reverse mortgage.
“The loan limits for the HECM program were raised from $417,000 to $625,500 in February 2009 and were extended last year. They were previously scheduled to expire on October 1.
Many in the reverse mortgage industry have speculated as to the negative impact a return to the previous, lower loan limit would have in areas with high-valued homes.
The loan limits could still change at the end of the calendar year 2011. Prior to the emergency loan limits, HUD would routinely adjust loan limits on a calendar basis.
“The only reason we adjusted our loan limits [last week] is because of a statutory expiration date at the end of the fiscal year,” said Brian Sullivan, HUD spokesperson in an email to RMD.””
View ML 2011-29.
Written by Elizabeth Ecker