Miami Home Loan wants to notify you that the President has signed the Appropriations Bill that provides ongoing funding for the government.
Included in this bill is the reinstatement of the higher FHA loans limits that expired earlier this year. According to our advisors, the law states that the new limits are effective for case numbers assigned on the date of enactment until December 31, 2013. We expect to see a mortgagee letter from HUD in the coming days that will provide additional guidance. We encourage you to watch for that mortgagee letter before you make any commitments at the higher limits, and we will provide further communication to the field at that time as well.
Fannie Mae and Freddie Mac will remain at the current (lower) limits. We do not expect to see a reinstatement of these higher limits for conforming loans. So, when you need a home loan, please call me at element Funding, your Miami Home Loan connection!