Well, the FHA is geting ready, and so are lenders and borrowers alike. With the Economic Stimulus Package up next the President is just a signature away from siging in to law the legislation that will give thousands more Senior Homeowners access to what for many of them has become their only viable asset - the very home that they live in.
But timing is an interesting player in this mix. The conventional lending industry and it's supporting entities are reeling under the Sub-Prime meltdown. Then there is the housing market that is at very best "soft" in many parts of the country.
Thank goodness there is a refuge for those still fortunate enough to be over 62 and have enough equity in their homes to take advantage of a program who's time certainly has come.
While this new bill will lower a portion of the fees and costs associted with the FHA HECM (the financed origination fee will drop from a maximum 2% of the loan amount to 1.5%) this will be quite minor compared to the largest contribution to the overall cost, the FHA Mortgage Insurance Premium that remains at 2% of the loan amount.
What home owners and lenders alike a waiting for though is the FHA Countly Lending Limit to be increased to $417,000.00 for the entire continental United States. This represents a jump anywhere from 14% to more than double depending on the county.
This increase will allow hundreds of thousands more homes to qualify as well as give a tremendous opportunity for those already in a FHA HECM to refinace and take advantage of the gain in accessable equity. That is if their homes have appreciated, and held that appreciation.
About Me
- Ted
- Toll Free Senior Home Advisor HOTLINE 1-(877)-563-4241 Email me at ted@seniorhomeadvisor.net Call Today, you'll be glad you did!
14 comments:
Yea I know i'm looking forward to having the lending limits go up a bit. CA is stuck with a lot of people that owe to much, their homes worth to much and FHA just doesn't cut it.
Rogan McGillis
http://www.reversemortgagecity.com
This bill will also benefit a lot of those have a stock cooperative as the HECM senior reverse mortgage may be offered for them as well.
Reverse mortgage is a useful estate planning tool that banks and financial institutions ought to offer making available to seniors. It's a great security for them to ensure the delivery of their pensions in the amounts they thought forthcoming.
Yes of course this will allow many persons to apply and get it..
Very interesting and informative data and a great appealing topic you have discussed here
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