S.2338
March 12, 2008 01:03 PM (7 months ago) | Overall Score: 5.0 | Replies: 0

Joel, here is a reply I received for you: Hi John, I would be interested in finding out specifically why it doesn't meet building standards. If it is a manufactured home pre 1976, there is nothing anyone can do, but if it is an SFR or a manufactured on perm foundation and in need of repair, we have funded several reverse mortgages where we do an escrow holdback for repairs to be made to bring the house up to par. So to answer your question, I believe I can help but need more details. Regards, Joe Wiggins President Cal State Home Loans 951.341.8100 951.341.8110 fax

S.2338
March 11, 2008 10:03 AM (7 months ago) | Overall Score: 5.0 | Replies: 0

It appears that they are approving "parts" of the overall bill. The only thing I can suggest is to keep checking to see if they approve the increase in the reverse mortgage. Good luck to you.

S.2338
March 8, 2008 11:03 AM (7 months ago) | Overall Score: 5.0 | Replies: 1

It does NOT appear to include reverse mortgage: https://entp.hud.gov/idapp/html/hicost1.cfm Here is the current amounts on "regular" FHA: https://entp.hud.gov/idapp/html/hicost1.cfm

S.2338
March 8, 2008 10:03 AM (7 months ago) | Overall Score: 5.0 | Replies: 1

I am trying to find specifics on the reverse mortgage issue. I will post more when I have confirmed whether it was included or not.

S.2338
March 8, 2008 10:03 AM (7 months ago) | Overall Score: 5.0 | Replies: 0

California is the first. I do not believe that other states are included as of yet but I could be wrong. Things are happening very quickly now.

S.2338
March 8, 2008 10:03 AM (7 months ago) | Overall Score: 5.0 | Replies: 1

My undrstanding is, part of the passage was to include reverse mortgages under FHA guidlines. Read the last paragraph for specifics: “The passage of this bill is a major step towards making FHA relevant again in today’s unstable mortgage market where low and moderate income borrowers have been squeezed into unaffordable loan products with no safe options for refinancing, or for entering the housing market as first time, particularly in high cost areas of the country,” said Rep. Maxine Waters, Chairwoman of the Subcommittee on Housing and Community Opportunity. “I applaud Chairman Frank for passing this bill out of committee and I call on the Senate to work quickly to modernize FHA and help strengthen the housing market and the economy, as soon as possible. Specifically, the bill modernizes the FHA and brings it into the realities of the housing market in the 21st century by: Increasing loan limits in high cost areas of the country like California, New York, and Massachusetts, where FHA has been driven from the market, forcing many borrowers to turn to high-cost financing and other non-traditional loan products. · Authorizing zero down and lower down payment FHA loans for homebuyers who could not otherwise make the down payment required under current FHA rules, to make FHA more consistent with other private sector loan products. · Directing FHA to underwrite to borrowers with higher credit risk than FHA currently serves that are still creditworthy to take out a mortgage loan, but are otherwise now being driven into the subprime loan market, with much higher mortgage rates. · Permanently eliminating the current statutory volume cap on FHA reverse mortgage loans to permit this program to meet the growing needs of home equity rich, cash poor seniors citizens that need help paying bills or needed home costs, while capping the fees that loan originators can charge senior citizens

S.2338
March 8, 2008 10:03 AM (7 months ago) | Overall Score: 5.0 | Replies: 1

California County Limits Obs county_ med_price FHA_1unit 185 Alameda 995000 729750 MAX 186 Alpine 438000 547500 187 Amador 355000 443750 188 Butte 320000 400000 189 Calaveras 370000 462500 190 Colusa 318000 397500 191 Contra Costa 995000 729750 MAX 192 Del Norte 249000 311250 193 El Dorado 464000 580000 194 Fresno 305000 381250 195 Glenn 230000 287500 196 Humboldt 315000 393750 197 Imperial 260000 325000 198 Inyo 350000 437500 199 Kern 295000 368750 200 Kings 260000 325000 201 Lake 321000 401250 202 Lassen 200000 271050 203 Los Angeles 710000 729750 MAX 204 Madera 340000 425000 205 Marin 995000 729750 MAX 206 Mariposa 330000 412500 207 Mendocino 410000 512500 208 Merced 378000 472500 209 Modoc 125000 271050 210 Mono 370000 462500 211 Monterey 599000 729750 MAX 212 Napa 615000 729750 MAX 213 Nevada 450000 562500 214 Orange 710000 729750 MAX 215 Placer 464000 580000 216 Plumas 328000 410000 217 Riverside 400000 500000 218 Sacramento 464000 580000 219 San Benito 790000 729750 MAX 220 San Bernardino 400000 500000 221 San Diego 558000 697500 222 San Francisco 995000 729750 MAX 223 San Joaquin 391000 488750 224 San Luis Obispo 550000 687500 225 San Mateo 995000 729750 MAX 226 Santa Barbara 615000 729750 MAX 227 Santa Clara 790000 729750 MAX 228 Santa Cruz 719000 729750 MAX 229 Shasta 339000 423750 230 Sierra 228000 285000 231 Siskiyou 235000 293750 232 Solano 446000 557500 233 Sonoma 530000 662500 234 Stanislaus 339000 423750 235 Sutter 340000 425000 236 Tehama 250000 312500 237 Trinity 200000 271050 238 Tulare 260000 325000 239 Tuolumne 350000 437500 240 Ventura 599000 729750 MAX 241 Yolo 464000 580000 242 Yuba 340000 425000

S.2338
March 6, 2008 08:03 PM (7 months ago) | Overall Score: 5.0 | Replies: 1

It has passed and the new amounts are out. I have them for california but not the other states.

S.2338
January 18, 2008 07:01 PM (8 months ago) | Overall Score: 5.0 | Replies: 0

Hi Tiffany, I posted on the bill. The problem with FHA financing as it stands now makes it an obsolete choice for a source of funding a loan for properties in high end areas like California where the median price of a home exceeds the allowable max loan amount offered by FHA.

S.2338
January 18, 2008 07:01 PM (8 months ago) | Overall Score: 5.0 | Replies: 0

With the rise in inflation and housing prices, it is important that FHA financing keep up with the private sector. Not everyone in America has 20% to put down on a house. This bill will enable more people to realize the American dream and help the economy!