Comments on: FHA Modernization Act Passes in the US Senate

By: Freddy

Freddy — Tue, 15 Apr 2008 19:53:32 +0000

The bill is not in the Presidents hands. Yes, the house version, HR 1852, and the Senate version, I think
is SB 3320, have to be reconciled through the conference committe report. This hasn’t been done yet.
Once that is done, then the conference report will be voted on by the entire House and Senate.
If that passes, THEN it will be on to the While House for the Prez to sign or veto.

bennettjohn, I understand your frustration. However, this isn’t tyranny by the government. It’s THEIR
program, so they make the rules. FHA is the insurer of the loan. That is why they are involved.
Go get a private reverse mortgage from someone other than
the US governement if you want rather than wait for them to increase lending limits.
Or, get one now with the lower limits as a stop gap until the bill is passed.
You could get hit by a bus before you use all that money, so a bird in hand…..

By: bennettjohn

bennettjohn — Fri, 28 Mar 2008 01:00:07 +0000

i am a senior waiting for the senate to pass the reverse mortgage aspect of this bill. millions of seniors need to dip into their home equity to make ends meet. things are tight, getting tighter, and we have nowhere to turn except to it. it’s not the gov’t's equity, it’s my equity. i’m not asking for a grant. i’m down to my last 90 days cash flow because the tyrannical gov’t has dictated that homes in my county are only worth $200,160. the contract is between me and the bank, i don’t know why the gov’t has to even be involved. this is the tyranny adams and franklin told us to be wary of… too much gov’t control.

can you imagine how many more freedoms we’ll lose after the elections in november?

By: Arizona Mortgage Guru » Status of the FHA Modernization Bill

Arizona Mortgage Guru » Status of the FHA Modernization Bill — Wed, 12 Mar 2008 13:46:45 +0000

[...] of the most common questions I receive from this blog is regarding the status of the FHA Modernization Bill. Both chambers have passed differing versions of the same bill and the outstanding issues need to [...]

By: Shailesh Ghimire

Shailesh Ghimire — Wed, 12 Mar 2008 02:27:33 +0000

Hi Earl,

I don’t know when this will be address. I have signed up for an alert on this topic and as soon as I find out I will post something on this blog. So, check back son.

Sorry I don’t have anything to add at this point.

By: earl ray

earl ray — Tue, 11 Mar 2008 23:19:14 +0000

Shailesh expected bill to be signed in february. Is the FHA Modernization Act still in conference and when is it expected to be out?

By: Shailesh Ghimire

Shailesh Ghimire — Mon, 11 Feb 2008 20:56:47 +0000

Hi Jason,

The bill is expected to be signed this coming Wednesday (Feb 13, 08). I wrote a post about this here:

http://www.azmortgageguru.com/stimulus-bill-passed-raises-conforming-loan-limit/

Thanks for stopping by.

By: jason

jason — Sun, 10 Feb 2008 06:42:20 +0000

Hi,

I have been hearing the news that the GSE conforming limit will be increased.
Does this mean that the FHA loan limit will increase to 100 percent of the new GSE conforming limit, as much as $729,750 in high cost-areas, when this is approved.

Does anyone have any idea when this conforming increase will be approved?

Thanks

By: Mike Crouse

Mike Crouse — Thu, 31 Jan 2008 23:42:34 +0000

Please note that the Senate and House Bill are actually separate bills that now need to be worked out between both branches. Hopefully they will act on this soon and pass it along to the President. My company licenses mortgage brokers and bankers seeking to obtain FHA approval for their company and we have so many brokers that need the surety bond provision to come through. Hopefully we will see this revision included in the bill once it is approved by both branches.

Thanks,
Mike

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By: Charles Bowshier

Charles Bowshier — Sat, 26 Jan 2008 02:30:30 +0000

We need this FHA reform as soon as possible. 1.5% down payment is reasonable and would fit a lot buyers.
As of today, the underwritting departments in major banks are not approving first time homebuyers programs for ridiculous reasons, so the nonprofits are full of work but with minimal effective results.
Realistically, there are lots of cties and counties called “declining markets” in which the banks would require an extra 5% down payment on top of the agreed one, so there is not that many people with at least 10%.
My question is : When is it going to become law? What are we waiting for?

By: Shailesh Ghimire

Shailesh Ghimire — Thu, 10 Jan 2008 23:28:57 +0000

Dr. Collins,

The limit is as follows:

Increase and simplify FHA’s loan limits. FHA’s loan limit in high-cost areas would rise from 87 to 100 percent of the GSE conforming loan limit and in lower-cost areas from 48 to 65 percent of the conforming loan limit.

The current conforming limit is $417,000.

Thanks for stopping by.