FHA to accomodate higher loan limits for loans in pipeline

With the Sept. 30, 2011, expiration of the current high-cost loan limits fast approaching, the Department of Housing and Urban Development (HUD), which regulates and oversees the FHA home loan program, has issued Mortgagee Letter 11-29 (ML).  This ML clearly lays out how and when lenders are to implement the new loan limits that take effect on Oct. 1, 2011.  According to the ML, as long as FHA home buyers have case numbers and credit approval (as defined in the ML attached below) on or before Sept. 30, they are eligible for the higher loan limits, even if the loan closes on or after Oct. 1. 
For more info, please call Regina Singh at 714-883-5205 or email at Regina@ReginaSingh.com

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