FHA Mortgage Guide

If you want to find the specific FHA loan limit for your county or state, the data is now online at:

https://entp.hud.gov/idapp/html/hicostlook.cfm

Ginnie Mae has announced that it will create a new security for FHA high-balance loans, the bigger FHA mortgages allowed this year under the Stimulus Package.
Why is this important?
If super jumbo mega-loans were placed in the same package as loans which met the old conforming loan limits, then the worry has been that investors would […] read more

Below is the release relating to new and higher FHA mortgage rates from OFHEO — the  Office of Federal Housing Enterprise Oversight, the governmental agency that oversees Fannie Mae and Freddie Mac.
TEMPORARY CONFORMING LOAN LIMITS RELEASED FOR HIGH COST AREAS
Washington, DC – The Office of Federal Housing Enterprise Oversight (OFHEO) today released the maximum conforming […] read more

Below please find HUD’s announcement regarding higher FHA mortgage loan limits, information released just minutes ago.
Beginning today, HUD will offer temporary FHA loan limits that will range from $271,050 to $729,750. Overall, the change in loan limits will help provide economic stability to America’s communities and give nearly 240,000 additional homeowners and homebuyers a […] read more

Can Lender-Initiated Programs and FHA Reform Stave-Off the “R” Word?
To date, the current administration’s plan of attack for correcting the mortgage meltdown and credit crunch crises has been to: (1) place pressure on lenders to help borrowers refinance or setup affordable payment plans and (2) initiate programs and approve legislation (such as FHA Secure and […] read more

Speaking in California, HUD Sec. Alphonso Jackson has announced higher loan limits beginning tomorrow, March 6th, for California. As well, says a news release issued by HUD with the hour, “new limits for the entire nation will be announced tomorrow
“Beginning tomorrow, HUD will offer temporary FHA loan limits that will range from $271,050 […] read more

The idea of rising loan limits has real consequences for buyers, sellers and lenders. If someone is at the cusp of the old limits and can finance under the new standards they can save thousands of dollars over the life of the loan. For FHA borrowers, the increase in the top FHA mortgage amount from […] read more

The New York Times had a nice article over the weekend regarding Sears kit homes. These were houses you could buy from a catalog. You’d place your order and then a kit would show up ready for assembly. Between 1908 and 1940, says the article, more than 100,000 kit homes were sold.
The part in the […] read more

Loretta asks if she can “get an FHA loan direct from government without a mortgage broker if so how?”
The answer is no, but the idea of the getting FHA mortgages directly from the government is not a thought which is outside the realm of possibility.
The current system is set up to assure employment in the […] read more