Comments on: Senate Passes FHA Modernization Bill

By: Kurt

Kurt — Mon, 23 Jun 2008 15:52:18 +0000

If they would pass this bill into law, it would sure help many seniors obtain Reverse Mortgages and help them from losing their homes to foreclosure!

By: Greengate

Greengate — Thu, 22 May 2008 01:24:37 +0000

I just discussed this with a loan officer of a well known Reverse Mortgage Corporation. It is expected that $41700. will be available as the limit on Reverse Mortgages in “certain areas” of the country. We could assume the areas where the costs are above the national average.

It is also expected that the differences between the Senate and House versions should be resolved around July of this year.

There is one glitch concerning the FHA which uses the 10 year treasury index to determine rates. The rate of 5.55% was fixed for FHA about 10 years ago so if the rate falls below as it is now to 5.36 it means less money would be available since FHA still is required to use 5.55%. I am just passing on what I hear from a reliable source.

By: Clay Speas

Clay Speas — Thu, 17 Apr 2008 17:50:19 +0000

Has anyone heard if the Reverse mortgage limit will be raised along with the standard FHA mortage amount?

Is it separate or included?

By: Michelle

Michelle — Tue, 29 Jan 2008 05:15:59 +0000

Has anyone heard anything else about this? We’re waiting to re-fi under this and man the wait is getting longer and longer… I check everyday and haven’t seen any word about when/if this is going to happen.
Anyone? Anyone?

By: Peter G. Miller

Peter G. Miller — Sat, 12 Jan 2008 07:23:06 +0000

Carmen –

Both the House and the Senate have passed versions of FHA Modernization. However, it is unclear when — if ever — the two bills will emerge from a conference committee.

As well, the passage of FHA moderniation is not necessarily a good thing. As the GAO reports, MIP costs would rise for many borrowers and some of those qualified today under the program would not qualify if modernation is passed.

By: Carmen

Carmen — Fri, 11 Jan 2008 21:31:47 +0000

When can we hope to see FHA Modernization go into effect?

By: pamela schriever

pamela schriever — Wed, 19 Dec 2007 19:44:14 +0000

This will help many perspective homebuyers that otherwise would not have been able to purchase a home. FHA with Ameridream gift program has helped so many of our borrowers in the past. this will help many more in the future!!!! I look forward to reading all the details.