Colorado Springs CO real estate listings and homes for sale, home buying, home selling information – Melanie A. Henn, Licensed Mortgage Originator

The HENN Blog: Higher Education Now for Mortgage & Real Estate News

November 22nd, 2011 9:52 AM

Good news for those who want an FHA Mortgage but may be over limit with the new changes!! FHA has decided to reinstate their old FHA loan limits through December 31, 2013! That means for El Paso County, the new FHA loan limits should be $325,000. However, we are waiting for FHA to formally update their site. Once they do, I will keep you informed!

FHA Mortgage Limit Implementation

The law states that the new limits are effective for case numbers assigned today (date of enactment) until December 31, 2013 (case numbers assigned). Below is the language from the law on this provision.

The bill states:

Sec. 238. (a) Federal Housing Administration- Notwithstanding any other provision of law, for mortgages for which a Federal Housing Administration case number has been assigned during the period beginning on the date of enactment of this Act and ending on December 31, 2013, the dollar amount limitation on the principal obligation for purposes of section 203 of the National Housing Act (12 U.S.C. 1709) shall be considered to be, except for purposes of section 255(g) of such Act (12 U.S.C. 1715z-20(g)), the greater of--

(1) the dollar amount limitation on the principal obligation of a mortgage determined under section 203(b)(2) of the National Housing Act (12 U.S.C. 1709(b)(2)); or

(2) the dollar amount limitation that was prescribed for such size residence for such area for 2008 pursuant to section 202 of the Economic Stimulus Act of 2008 (Public Law 110-185; 122 Stat. 620).

Contact me for any questions!

Melanie A. Henn, CML, Direct: 719-499-8061, email: mhenn@ccmclending.com

Posted by Melanie A. Henn on November 22nd, 2011 9:52 AMPost a Comment (0)