http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/show/110_SN_2338.html#46142 2009 FHA Maximum Mortgage Limits now official. Mortgagee Letter 2008-36 has a state by state listing of the high cost areas. If your area is not listed then you are at the "floor" which is $271,050 maximum loan. This only applies to regular "forward" mortgages.... 46142@http://www.washingtonwatch.com Thu, 13 Nov 2008 13:03:57 EST http://www.washingtonwatch.com/bills/show/110_SN_2338.html#45891 11/06/2008 Mortgagee Letter: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/08-35ml.doc Tam... 45891@http://www.washingtonwatch.com Thu, 06 Nov 2008 20:58:49 EST http://www.washingtonwatch.com/bills/show/110_SN_2338.html#45874 New Hecm loan limit Mortgagee letter final here.... 45874@http://www.washingtonwatch.com Thu, 06 Nov 2008 16:18:45 EST http://www.washingtonwatch.com/bills/show/110_SN_2338.html#45790 I was told last week that they will still not provide Reverse Mortgage for Manufactured homes in a Condominium complex. Consequently we were turned down for one. This leaves alot of Seniors out on a limb. Many will have to sell their home and in todays market we will get screwed plus we still have to live somewhere.... 45790@http://www.washingtonwatch.com Tue, 04 Nov 2008 11:28:47 EST http://www.washingtonwatch.com/bills/show/110_SN_2338.html#45772 Sources say "target date" next week. Hopefully this is the last.... 45772@http://www.washingtonwatch.com Mon, 03 Nov 2008 15:21:19 EST http://www.washingtonwatch.com/bills/show/110_SN_2338.html#45765 11/3/08 Although the mortgagee letter has not yet been released, (we are expecting it any moment), A few lenders are not only allowing us to take applications at the new limit, but are funding with it as well. The wording in the FHA Limit Announcement stated that lenders may take applications and fund loans under the new limits, but cannot sell or insure those loans until the mortgagee letter. Two of the lenders are Bank of America and Everbank. If there is a specific lender youre interested in, give me a call and I can look it up to see if they are. :) Tam 877-632-7890... 45765@http://www.washingtonwatch.com Mon, 03 Nov 2008 11:54:57 EST http://www.washingtonwatch.com/bills/show/110_SN_2338.html#45614 edit above comment: Effective date is Jan 2009, not 2008.... 45614@http://www.washingtonwatch.com Mon, 27 Oct 2008 22:45:31 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#45613 10/27/09 The mortgagee letter announcing HECM for home purchase came out today with an effective date of Jan 1st, 2008 Maybe we'll see the new mortgagee letter for lending limit increase and orig cap in the next few days. Tam... 45613@http://www.washingtonwatch.com Mon, 27 Oct 2008 22:44:22 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#45070 I believe that HUD is delaying the ML because of the credit crisis. Seniors have lost dividend income with the Freddie/Fannie take overs as well as the bank takeovers. I know it is a long shoot but with a higher limit in high cost areas maybe seniors can tap into the equity in their homes to make up for the lost income. Since new apps will need to be done after the ML anyway cchanging from 417K to 625K is not that big a deal.... 45070@http://www.washingtonwatch.com Tue, 14 Oct 2008 15:43:48 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#44899 10/10/08 NRMLA released an announcement today that lenders can now take new applications at the new lending limit, as long as the new origination is charged. Loans cannot close at the new limit until after the effective date that will be named in the mortgagee letter. As much as I would love to see the higher limit, this new information makes me believe it wont happen. I hope and pray your hunch is correct. Tam :)... 44899@http://www.washingtonwatch.com Fri, 10 Oct 2008 17:22:09 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#44892 Tamera, Only a hunch based on current credit crisis.... 44892@http://www.washingtonwatch.com Fri, 10 Oct 2008 16:06:15 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#44887 10/10/08 John- Aside from the delay in issuing the mortgagee letters, what makes you feel this is a possibility? As much as I'd LOVE to believe its possible, all of the communications from HUD and NRMLA have indicated it as a done deal without any kind of reconsideration for the higher limit. Please tell me something I dont know! Tam:)... 44887@http://www.washingtonwatch.com Fri, 10 Oct 2008 15:19:46 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#44886 Prediction. Hecm limit $625,000 not $417,000 as indicated. HUD dragging heels getting out mortgagee letters. Somethings up. Keep your fingers crossed.... 44886@http://www.washingtonwatch.com Fri, 10 Oct 2008 15:07:40 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#44789 found it. yes, a copy of the proceedings would be interesting reading... 44789@http://www.washingtonwatch.com Wed, 08 Oct 2008 18:20:50 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#44788 Bennettjohn, This site mentions that Montgomery and Burns are scheduled to speak at 9:30-10:30 on status of the FHA programs that are set to be rolled out. It is not being broadcast. Hopefully someone can get a summary of what was said.... 44788@http://www.washingtonwatch.com Wed, 08 Oct 2008 17:54:38 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#44779 john- www.hcdi.com? couldn't find /housing_summit please confirm.... 44779@http://www.washingtonwatch.com Wed, 08 Oct 2008 16:23:10 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#44754 Please date your comments so I know what you mean by "tomorrow". Thank you.... 44754@http://www.washingtonwatch.com Tue, 07 Oct 2008 22:34:08 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#44742 Check out www.hcdi.com/housing_ summit.Brian Montgomery and Meg Burns to speak (10-08-2008)about implementation of the various FHA programs. Maybe if we are lucky the mortgagee letter regarding loan limits.... 44742@http://www.washingtonwatch.com Tue, 07 Oct 2008 17:48:54 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#44419 HUD announced today the rate goes to 417K...target date is 11-01... 44419@http://www.washingtonwatch.com Thu, 02 Oct 2008 12:24:36 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#44412 417k NOV. 1... 44412@http://www.washingtonwatch.com Thu, 02 Oct 2008 11:25:02 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#44362 Latest News: The head of HUD is scheduled to speak tomorrow at 9:30am Eastern time (6:30 Pacific, 7:30 Mountain) to the Mortgage Bankers Association in Miami. Rumor has it that he will announce the new HECM limit and timeline at that time. Ill post up here when I find out :) Tam... 44362@http://www.washingtonwatch.com Wed, 01 Oct 2008 19:20:33 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#44351 Betty- My understanding is that youre waiting for the lending limit increase, right? I dont want to take your loan, but I do want to help you. Why dont you call me...Id like a better idea of what youre up against. Tam 877-632-7890... 44351@http://www.washingtonwatch.com Wed, 01 Oct 2008 14:20:28 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#44344 Betty - so sorry for your dilemma! I live in Virginia also and have finalized a HECM. My mortgage lady was always available and we spent considerable time on the phone and in emails. I would contact your loan officer ASAP re: status of your application. He/she should have been in touch with you on a regular basis long before now. Something is not right!... 44344@http://www.washingtonwatch.com Wed, 01 Oct 2008 12:44:10 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#44261 As you all know I applied 4 rm on 8/7/08. I'm late 3 months w/mortgage. Entered a payment plan w/mortgage 4 $2,900. Up until now no news on my rm application. I'm from Virginia. I don't have all the money 4 Oct. What do I do? I've called places that u all provided --affraid of 4closure. Help!... 44261@http://www.washingtonwatch.com Tue, 30 Sep 2008 09:18:49 EDT http://www.washingtonwatch.com/bills/show/110_SN_2338.html#44231 http://www.ustreas.gov/offices/domestic-finance/debt- management/interest-rate/yield.html Run them together :) (There is more then one way to skin a cat!) Tam... 44231@http://www.washingtonwatch.com Mon, 29 Sep 2008 17:29:22 EDT