NEW FHA LOANS
FHA LOAN AMOUNT LIMITS (see FHA qualifications)
FHA and FREDDIE MACK loan limits boosted and in effect until end of 2008!
BROWARD -
TEMP FHA LOAN LIMIT IS $423,750 - FANTASTIC OPPORTUNITY FOR THOSE WHO NEED TO REFINANCE EXISTING HIGH INTEREST LOAN OR FOR BUYERS GETTING INTO THE MARKET AT THIS TIME AND HAVE LOWER CREDTI SCORES, LESS INCOME AND LESS AVAILABLE FOR DOWN PAYMENTS - FIRST TIME BUYERS CAN COME IN WITH AS LOW AS 3% AND HAVE THE CLOSING COSTS ROLLED INTO THE LOAN FOR UP TO 6% ...
(CALL 954-531-8100 for more information)
If you need a new loan call 954-531-8100... we have wholesale FHA approved lenders
Who Will Be Affected?
Increased loan limits will have a wide impact. The added liquidity in the mortgage market will help to make mortgages more easily available. Receiving direct help will be borrowers in high-cost areas who previously had no recourse except in high-cost jumbo loans and those with high-cost loans who can refinance into lower interest loans
FHA, Conforming Limits Boosted
$729,750 limit effective July 1 to Dec. 31
February 13, 2008
By SAM GARCIA
President Bush has signed into law emergency legislation that will temporarily increase the conforming limit by 75 percent. In addition, the limit for loans insured by the Federal Housing Administration will also see a temporary boost.
H.R. 5140, the Economic Stimulus Act of 2008, was signed by Bush this afternoon.
The bill is intended to jumpstart the ailing U.S. economy and help the country avert a recession -
Among the pieces of the new law is a temporary increase in the conforming loan limit and the FHA limit.
The conforming limit, which is the maximum amount of a residential mortgage that can be purchased by government sponsored housing enterprises Fannie Mae or Freddie Mac, is currently $417,000. However, under H.R. 5140, the conforming limit will be increased by 75 percent to $729,750 from July 1, 2008, until Dec. 31, 2008.
The temporary increase to the conforming loan amount is limited, however, to 125 percent of an area's median home price as determined by the U.S. Department of Housing and Urban Development. HUD is required to post area median prices and loan limits within 30 days.
see FHA loan limits by county and state
In addition, the cap for FHA-insured loans, currently at $362,790, will also be increased to $729,750 from July 1 until the end of the year. The same limitation of 125 percent of the median home price for the area applies to FHA loans.
The higher limits will help an estimated 138,000 FHA borrowers qualify for home financing that previously could not, according to the National Association of Realtors. Conventional conforming borrowers would increase by around 300,000.
The group projects around 410,000 foreclosures will be averted as a result of the new law. (see FHA loan limits by county and state)
DEBT RELIEF ACT OF 2007 REGARDING SHORT SALES
REAL ESTATE SHORT SALE DEBT RELIEF ACT OF 2007
latest news:
Short sales are no longer 1099 as taxable for the short sale loss which had been considered income on the difference on primary residences and it is retroactive to all of 2007 short sales transactions.
On December 20 President Bush signed into law H.R. 3648, the Mortgage Forgiveness Debt Relief Act of 2007.
While this piece of legislation is far from being a cure for all the ills caused by the recent and on-going meltdown in the real estate mortgage sector, it will certainly provide relief for some who are caught between declining home values and rising mortgage payments.
H.R. 3648 will provide relief from that kind of tax bite in certain specified situations. Beginning January 1, 2007 and lasting until January 1, 2010, certain discharges of mortgage indebtedness on a principal residence will be excluded from a taxpayer's gross income. As always, though, certain restrictions apply. The main restriction is that the mortgage must been obtain to purchse the home instead of a refinance.
For one thing, the amount of indebtedness is limited to $2 million. For most of us folks, this will not present a problem.
published: January 10, 2008
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