I've been preparing you for these new HUD Changes since I first talked about the New loan limit increases. Inevitably some of my competition pulled the trigger early and released pricing and "guidelines" on the new FHA Forward (or jumbo) product.
Here's the quandry every lender is faced with. Do you ACT now to fill your pipeline or do you wait for more factual based information with regard to guidelines.
My Company chose the latter. I'm pretty well pleased with the decision. We're getting close to releasing our guidelines on the new FHA Forward(jumbo) product but
aren't quite there yet. I appreciate all the opportuntity you've given me. I'm really really glad that I don't have to make 100 calls today about changed loan parameters..phew!

So, we're doing the higher limits if your loan is under $362,790 (that'd be about 3% of you). For the rest of us the Mortgagee Letter I was talking about is here.
ML-2008-09: right here:
Click that link to read the nitty gritty but here's the straight dirt:
For: Loans over $417k we have the following requirements from HUD
Loan over $417k and
LTV over 94.99 and
Declining Market Area (that's pretty much all of us)
THEN:
We must have a second, sponsor lender ordered drive-by (2055) appraisal of the property.
Also:
Cash-out Loans not permitted:
Over $417k AND over 85% LTV
and finally: CLTV cap for loans over $417k is the product cap : ie. 97.15% for rate and term and 95% for cash-out.
this would mean no subordinating those wacky HELOC's over and above.
This is the tool to guide you through your eligibilty list. We'll have our guidelines and pricing soon (just as soon as the secondary markets begin more active trading on the product).