Two Important Legislative Changes
FHA Loan Limits
Last Friday, the President signed a bill that enables HUD to restore the previous FHA loan county limits. This would mean that the FHA loan limits would be the greater of the current limit or the limits made available under the Economic Stimulus Act of 2008. While this is welcomed news, HUD must provide guidance on how they will be implementing this change in order for Coldwell Banker Home Loans to determine what action can be taken and when.
As soon as HUD provides guidance on their approach, the announcement will be reviewed and an FYI will be issued to provide detailed instruction with Coldwell Banker Home Loans policy and release timeline.
VA Funding Fee
On November 21, 2011, the President signed a bill to revert the funding fees back to the previous/higher level through September 30, 2016. The VA is expected to release a circular with additional detail very soon. The VA Funding Fee Payment System (FFPS) site is instructing lenders not submit payments for loans closed on or after November 22, 2011 until their system has been updated to return the previous higher fees again. FYI 11-270 will be reissued this week, notifying external partners and correspondents.
Click HERE to link to the FHA Loan Limits per State & County. Please save this Link to you favorites and you will have this tool at your fingertips.